UAE Mulls Federal Authority To Monitor DevelopersTuesday, March 24, 2009
The UAE Minister of State for Financial Affairs said the government is considering a plan to create a federal authority to regulate developers throughout the country. Obaid Humaid Al Tayer was quoted by Gulf News as saying, 'there are local real estate regulatory authorities and the government considers assuming a role at the federal level and coordinate between these authorities'. The proposal is being raised amidst concern over foreign property developers who finance their projects from local banks. Source: AME Info
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