New Abu Dhabi center to unify all real estate services – News
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Abu Dhabi will soon build a new center that will unify all real estate services and streamline property-related procedures, it was announced on Wednesday.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, approved the plan for the new entity, which will report to the emirate’s Department of Municipalities and Transport (DMT).
The Abu Dhabi Real Estate Center is expected to boost the efficiency of real estate regulation and supervision, ensuring an attractive investment environment in the emirate. It also aims to reinforce the role of the real estate sector in supporting economic growth by contributing to non-oil GDP.
“All functions and responsibilities related to real estate matters will now be transferred to the unified entity,” according to the Abu Dhabi Government Media Office.
Other responsibilities were listed as part of the center’s objectives:
- Develop strategic plans to regulate and enhance the growth of the real estate sector.
- Supervise real estate development projects, monitor and evaluate their performance.
- Launch new real estate initiatives by managing government tenders related to real estate development projects.
- Provide support to promote real estate investment, among other mandates, to ensure the real estate sector’s contribution to driving development in the emirate.
The approval of the real estate hub plan comes as Sheikh Khaled bin Mohamed bin Zayed chaired a meeting of Abu Dhabi’s Executive Council, where he also endorsed a new child protection policy for the emirate.
The Crown Prince of the emirate also reviewed the latest updates on government plans, initiatives and projects.
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