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New Abu Dhabi centre to unify all real estate services
All roles and responsibilities related to real estate affairs will now be transferred to the unified entity, according to the Abu Dhabi Government Media Office
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Abu Dhabi will soon build a new centre 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, has approved the plan for the new entity, which will fall under the emirate's Department of Municipalities and Transport (DMT).
The Abu Dhabi Real Estate Centre is expected to boost the efficiency of real estate regulation and oversight, ensuring an attractive investment environment in the emirate. It also aims to bolster the real estate sector's role in supporting economic growth by contributing to non-oil GDP.
"All roles and responsibilities related to real estate affairs will now be transferred to the unified entity," according to the Abu Dhabi Government Media Office.
A number of other responsibilities were listed as part of the centre's goals:
- Develop strategic plans to regulate and enhance the growth of the real estate sector.
- Oversee real estate development projects, monitor and assess 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 centre plan comes as Sheikh Khaled bin Mohamed bin Zayed chaired an Abu Dhabi Executive Council meeting, where he also endorsed a new child protection policy for the emirate.
The emirate's Crown Prince also reviewed the latest updates on government plans, initiatives, and projects.
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