Ajman establishes new real estate regulator

UPTOWN PLAN: An artist's impression of Ajman Uptown, one of the major developments taking shape in the emirate.

A new real estate regulator has been established in the emirate of Ajman which has seen more than $92 billion investment in the last two years.

The Ajman government on Tuesday amended a law creating Ajman Real Estate Regulatory Establishment, which will regulate the emirate's property and construction sector.

The Establishment will be tasked with drawing up policies for property projects and commercial buildings, recommending legislation as well as regulating the relations between property developers and buyers, news agency WAM reported.

It will also recommend speedy, friendly out-of-court approaches to resolve disputes that may arise between the two parties.

A further role will see it advise Ajman's ruler Sheikh Humaid Bin Rashid Al Nuaimi on the allocation of areas for new free zone and property development and commercial buildings.

Huge investment is taking place in Ajman, among which is Ajman Uptown, a three billion dirham mixed-use development by Sweet Homes scheduled for completion by 2010.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM