Dubai calls for govt intervention

Key decision makers involved in the real estate, finance, banking and equity markets in Dubai are ready to recommend Government intervention in these sectors when it is needed due to the global credit crisis...

The Dubai International Finance Centre Forum heard today that the newly formed government Advisory Council has already been involved in the merger of Amlak and Tamweel, Dubai's leading real estate finance companies, which was announced two days ago.

Mohamed Ali Alabbar, Chairman of the new Advisory Council and Chairman of Emaar Properties, told the conference that this demonstrated how the council can be of use. It will meet regularly to review the state of these key sectors within the economy and formulate recommendations based on its findings, submitting them to the government for action, he added.

‘We will act in a timely manner. And we will be transparent in those actions. We are serious about addressing the current challenges,' he said.

The other members of the council are:

Mohammed Al Gergawi, UAE Minister of Cabinet Affairs and Chairman of Dubai Holding

Mohammed Al Shaibani, Director-General of His Highness the Ruler's Court and Chief Executive of the Investment Corporation of Dubai

Sultan Bin Sulayem, Chairman of Dubai World

Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre and Vice-Chairman of the UAE Central Bank

Nasser Bin Hassan Al-Shaikh, Director-General of the Dubai Department of Finance

Essa Kazim, Chairman of Borse Dubai and the Dubai Financial Market

Abdul Aziz Al Muhairi, Managing Director of the Investment Corporation of Dubai

Marwan bin Ghalita, Chief Executive of the Real Estate Regulatory Authority

Source: www.propertywire.com