Thursday, June 21, 2007

Dubai Real Estate Corporation declared as public commercial institution

The Dubai Real Estate Corporation has been established as a public commercial institution, affiliated to the Dubai Executive Council, according to a decree issued by the Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

Ahmen bin Byat is likely to be appointed as the Chairman and Dr.Omar Mohammed Ahmed bin Sulaiman is expected to be the Deputy Chairman. A CEO will be appointed later.

The new body is expected to own and manage all registered properties that come under the Dubai Government's name. It will invest, build and utilize the industrial and commercial lands in the emirate. It is also expected to provide building, marketing, rental, commercial and real estate management services with required infrastructure.

The corporation is also given the freedom to enter into deals with companies, persons and institutions that it considers appropriate within its areas of jurisdiction. It can also team up with other concerned authorities so as to contribute to any kind of civil planning.

Sheikh Mohammed has also issued a decree to set up a board for the Dubai Real Estate Corporation. The board is entitled to manage the corporation and will be kept in-charge of the general supervision of its financial, administrative and technical affairs. The board has the right to appoint auditors and determine their remunerations.

The council has the privilege of appointing the Chief Executive of the Corporation to carry on a number of responsibilities and to make decisions that he deems appropriate to achieve the objectives of the corporation, including general supervision, implementing the strategic policies, making suggestions on new projects and investing the funds of the corporation. The Chief Executive also makes necessary suggestions on the organizational front, and governs the work of the corporation.

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