Initiative of H.H. Sheikh Mohammed Bin Rashid Al Maktoum rapidly addressing economic challenges

Managing supply in Dubai real estate market to ensure equilibrium

Focusing on clarifying Government debt burden; encouraging further Central Bank action to ensure adequate liquidity

Under the supervision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the mandate of The Advisory Council of the Government of Dubai, a high-level economic advisory body, encompasses key sectors. The Council will be rapidly addressing the current global challenges and their impact on a range of areas, including Government finances, real estate, banking and equity markets.
"The formation of the Advisory Council is an extremely significant initiative undertaken by the Government of Dubai, under the guidance of His Highness Sheikh Mohammed, to ensure the long-term growth and stability of a range of sectors of economic activity in the emirate," said His Excellency Mohamed Alabbar, who has been nominated to head the Council.

He was delivering the keynote address at the opening of the DIFC (Dubai International Financial Centre) Forum, part of the ongoing DIFC Week in Dubai today, where he outlined ongoing activities of the Council, a body that was formed some six weeks ago.

Fellow members of the Council, which will meet at minimum monthly basis, include Their Excellencies:

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

Among the Council's first activities has been to actively manage the current and future supply of new projects onto the emirate's real estate market to ensure equilibrium in the sector. Pointing out that the three largest Dubai-based real estate developers account for approximately 70 per cent of supply, Mr. Alabbar said that the Council is acting in full cooperation with them as well as private developers in the emirate.