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Abu Dhabi Department of Economic Development, to organize a symposium on “The Regulation of Real Estate in Abu Dhabi” on Tuesday, June 1, 2010 in participation of a number of government entities and real estate management and finance companies

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Abu Dhabi Department of Economic Development, to organize a symposium on “The Regulation of Real Estate in Abu Dhabi” on Tuesday, June 1, 2010 in participation of a number of government entities and real estate management and finance companies

Sunday, May 30, 2010
The Department of Economic Development in Abu Dhabi, Studies Directorate” is set to organize on Tuesday June 1, 2010 at its headquarters, a symposium on The Regulation of Real Estate in Abu Dhabi ... Solutions and Requirements. The event will be conducted in participation of Abu Dhabi Urban Planning Council, Department of Municipal Affairs Abu Dhabi Municipality, Abu Dhabi Judicial Department, Al Dar Properties, Sorouh Real Estate Company and a number of real estate and property development companies and banks.Mr. Rashid Ali Al Zaabi, the Acting Executive Director of Planning and Studies Division, at the Department of Economic Development, said that the symposium aims at shedding light on the significant leap and development of Abu Dhabi real estate sector. Al Zaabi pointed out that during the five years preceding the global economic crisis, the emirate perceived strong economic growth accompanied by upward leaps in demand for real estate, residential and commercial units alike. Al Zaabi added that real estate in Abu Dhabi has become one of the key and leading activities in attracting investors, due to its high profitability and short payback period. He also pointed out that Abu Dhabi Economic Vision 2030 has identified aspects of land use, buildings altitudes, and has set plans and means of transport for all urban areas within Abu Dhabi. Al Zaabi expressed his thanks and appreciation to the participating parties in this important symposium, for their interest and keenness to support the initiatives undertaken and implemented by the Department of Economic Development, to emphasize and highlight key issues fundamental to the economic development of the emirate, of which the real estate sector stems as an influencing sectors in the economy of the Emirate of Abu Dhabi and the UAE in general.The first working paper of the Department of Economic Development, entitled The Structural Imbalances in Real Estate Market in the Emirate of Abu Dhabi, will be presented by Mr. Sabri Amara, the Senior Economic Researcher at the Studies Directorate. The paper will probe the factors that helped push up the average contributions of real estate, business services, building and construction activities in the GDP of the Emirate of Abu Dhabi.  The paper will also deal with supply and demand factors in the market of Abu Dhabi; and the vulnerability of the real estate sector to the repercussions of the global financial crisis. The second working paper of the Department of Municipal Affairs,Abu Dhabi Municipality titled, Urbanization and its Impact on the Real Estate Sector in Abu Dhabi will be delivered by Ms. Najat Al Dhaibani, Head of the Research and Studies Section, at Abu Dhabi Municipality. Ms. Najat will point up the role and services of Abu Dhabi Municipality, regarding land and property registration and the issuance of building permits. The vision and objectives of The Municipality for achieving the development of real estate sector at the level of the emirate, will also be spotlighted Abu Dhabi Judicial Department, represented by the Reconciliation and Settlement Committee will participate with a working paper titled Rentals ... Main Problems and Proposed Solutions to be presented by Justice Dr. Amjad Al Juhani. The paper focuses on issues relating to real estate sector, notably rentals disputes and the importance and legitimacy of the settlement of real estate disputes, as most important factors that contribute to providing an attractive and secure environment.The third paper of Abu Dhabi Urban Planning Council, under the title: The Council's Role in the Development of the Real Estate Sector in Abu Dhabi, According to the Economic Vision 2030, will be presented in the second session of the symposium by Mr. Saud Al Junaibi, Director of Development and Urban Planning. Al Junaibi will highlight the real estate projects, which the Council works to develop, most important of which is, the Abu Dhabi new city project, and will lay emphasis on its impact on real estate development, especially the spurring of the activities of the sector outside the boundaries of Abu Dhabi Island. The symposium will wrap up with two working papers, to be presented by Al Dar Properties and Souroh Real Estate Company. Mr. Talal Al Dhiyebi, Director of Planning and Infrastructure in Al Dar, and Mr. Abdullah Al Hammadi, Business Development Manager at Sorouh Real Estate Company, will deal with projects undertaken by the two companies; and their impact on the real estate sector in the emirate.
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