Sunday, January 11, 2009

New regulatory authority in Ajman established

Ajman Government has amended its regulation to create Ajman Real Estate Regulatory Establishment, aimed to regulate the property and construction sector of the emirate. The sector has seen more than Dh.340 billion worth of investment in the last two years.

Due to this investment, the neighbourhood of the once-sleepy Ajman is being transformed into vibrant economy where-in foreign developers are creating master-planned communities on barren sandscapes which would soon be homes to several thousands.

The Member of Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid Al Nuaimi, passed an emiri decree No.11 for 2008, which amends emiri decree No.8.

The decree stipulates finding of a general establishment, affiliated to Ajman Government, named as Ajman Real Estate Regulatory Establishment, with an independent corporate existence, which enjoys administrational, financial and legal independence.

The establishment aims to regulate the activities of real estate development in the emirate, and establishing a legal system for licensing property buildings and investment projects in the emirate. The establishment also aims to supervise, implement policies, work projects and systems and regulate joint ownership.

The establishment is also responsible for issuing policies for property, construction of buildings in Ajman, and suggesting legislations and necessary systems for regulation the property operational schemes in the emirate.

1 comment:

Clara James said...

Well in this situation where the property and construction business is going down in the Ajman, theses types of project really help to take up the market and get the investors' confidence back ...