No list of Dubai’s cancelled construction projects will be published, Marwan bin Ghalaita, CEO of Dubai real estate watchdog RERA, has said.
Speaking exclusively to Arabian Business, the regulator said: “Is it going to add something to the sector to show scrapped projects? Transparency, yes, but there is a certain type or limit for transparency."
He added: "Suppose for you, if you own a project in any building in Dubai that has been cancelled, you have a full right to know that. And this is what I am doing, I am giving them access to that. If you go to rpdubai.com, you will see all of the projects approved by us. And you will see the status of the project today.”
Bin Ghalaita said that since the financial crisis dealt a severe blow to Dubai’s previously booming real estate sector, RERA had cancelled 115 projects at the planning stage, and “less than ten” projects that had commenced.
Asked if RERA was reluctant to publish a list of scrapped projects for fear it might affect investor confidence adversely, he said:
“I don’t see there is any added value for it yet. If I am giving all the investors the update about their investment, what is the value of a scrapped project list for the sector? Still nobody has convinced me what it is going to do. But you have the right to know if your project is cancelled or not.”
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