Mohammed Alabbar, a senior Dubai Government official, and Chairman of Dubai property developers Emaar Properties today confirmed that the government in the emirate will be forming a high level committee tasked with addressing the challenges currently facing the real estate sector. The committee has been formed amidst concerns of a slowdown in the Dubai property market following the global financial crisis.
Alabbar went on to say that the committee will be revisiting the development pipeline in Dubai, with a view to ensuring that the demand levels remain robust.
The move is good news for a sector which has undoubtedly experienced a slow down as a result of the wider economic crisis. The real estate sector in Dubai is seen as being intrinsically linked to the emirates wider economic performance and global perception. Recent weeks had seen increasing speculation regarding legislative intervention in the sector.
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