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Fri 25 Mar 2016 10:13 AM

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Aldar first to win licence under new Abu Dhabi property law

Developer says new regulations will bring 'predictability and transparency' to real estate market

Aldar first to win licence under new Abu Dhabi property law

Abu Dhabi's Aldar Properties has announced that it is the first company to receive a master developer licence under the provisions of the new Real Estate Law which came into effect at the beginning of 2016.

The licence from the Abu Dhabi Department of Municipal Affairs is part of provisions in the UAE capital to enhance protections for customers of off-plan developments while enshrining the rights of owners and residents in existing communities.

Talal Al Dhiyebi, chief development officer at Aldar Properties, said: "We are very excited about the introduction of real estate law in Abu Dhabi. We believe it will bring a high degree of predictability and transparency to the market and thereby increase the attractiveness of the market to existing and a new generation of customers.

"We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole."

In a statement, the Department of Municipal Affairs welcomed the step taken by Aldar Properties, saying that it looks forward to a similar move by other real estate companies to take the necessary measures needed to comply with the new law.

Aldar Properties last month reported on Monday a 9.1 percent rise in fourth-quarter net attributable profit, according to Reuters calculations.

The state-linked builder of Abu Dhabi's Formula One circuit made a profit attributable to equity holders of 760 million dirhams ($206.9 million) in the three months to Dec. 31, Reuters calculated based on Aldar's annual financial statement in lieu of a quarterly breakdown.

This compares with a profit of 696.3 million dirhams in the corresponding period of 2014.

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