Dubai body to manage govt property

Dubai is setting up a real estate body to manage government properties in the booming emirate, the UAE's state news agency WAM said on Saturday. Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, issued a law setting up the Dubai Real Estate Corporation which will be part of the Executive Council, which acts as the emirate's cabinet and is chaired by Sheikh Mohammed, the agency said.The body will operate on a commercial basis and own all land and property registered to the Dubai government and will be able to sign property deals on behalf of the emirate.

It will supervise activities such as construction, investment and utilisation of commercial and industrial land and properties and provide rental, marketing, and building management services.Sheikh Mohammed named Ahmad bin Bayat, the current chairman of telecom firm du, as chairman of the body. Source