In a series of measures announced yesterday, Abu Dhabi went on the offensive in terms of boosting investor confidence, ensuring that an already steady real estate sector is further strengthened and underlined its plans to stay on course to meet the broader goals of the UAE's 2012 plan.
Abu Dhabi's Department of Municipal Affairs yesterday announced that five draft laws to regulate the real estate sector and protect investors have been finalised. The laws will be enforced next year after approval from emirate's Executive Council, the department Undersecretary Ahmed Shareef told Emirates Business.
"The new laws will cover mortgages, credit, registration, off-plan sales and brokerage," he said. "They will result in an integrated system of real estate legislation in Abu Dhabi and will control all details of real estate ownership and organisation," said Shareef.
The Department of Planning and Economy (DPE) yesterday announced that it is working on 12 economic priorities, 37 targets and 129 initiatives set by the strategic plan 2008-2012 and announced by the department earlier this year.
DPE's Chairman Nasser Ahmed Al Suwaidi said his department is keen to translate into action the strategies, plans and policies of Abu Dhabi and the UAE in a way to boost the sustainable development seen by the country. The aim is to achieve as high a rate of economic growth as is possible.
The 2008 economic and social report issued by the department put the volume of investment in Abu Dhabi economic zones at Dh12 billion in 2007. The department will work to develop an investment environment and will also seek to achieve a host of targets, most importantly an increase in contribution by non-oil sectors to Abu Dhabi's GDP.
Abu Dhabi also signed an agreement with an information service firm yesterday to upgrade transparency in its commercial sector within a drive to ensure business discipline and financial stability.
The DPE signed the deal with Emcredit, one of the biggest UAE information services companies. Under the agreement, Emcredit will gain access to trade licence information on all companies registered in the UAE through an electronic link.
"We hope this joint initiative with Emcredit will aid companies with sophisticated tools to operate successfully in Abu Dhabi in particular and in the UAE in general," DPE said in a statement yesterday. – Emirates Business
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