Future real estate projects in Dubai will need to be approved by a top-level committee set up by the government, it has been announced.
The committee will oversee and decide on the launch of projects in the emirate in view of the global economic slowdown, Emirates Business reported on Tuesday.
The committee consists of Dubai-based master developers and a few private developers, Nasser Al Shaikh, director-general of the Dubai Department of Finance, told the paper."For the first time, a committee has been formed to oversee the real estate development in Dubai and help synchronise projects of various developers with the intention of securing future supply."
He stressed that no current developments would be stopped and the committee would only look at projects still to be launched.
He added that the committee would not govern private developers who can continue with their projects.
"Master developers control 70 per cent of the supply in Dubai's property market and if all these parties work together then we can strike a balance between the future demand and supply. However, we are not trying to influence or control supply in the market," he told the paper.
