UAE government considers coordinating agency for construction sector
27 March 2009
The United Arab Emirates government is considering the creation of a federal authority for construction sector which would coordinate and promote the respective markets of the 7 emirates that make up the federation, announced the Finance Minister to the National Federal Council.
The minister explained that "the government is considering assuming a role of coordination between the various local real estate authorities". Currently, Dubai and Ajman have instituted a similar office.
The announcement was received positively by analysts and companies in the sector, who are sure that this will increase confidence in the real estate market (one of the cornerstones of the economy in the UAE), which has been in decline due to the current global financial crisis.