The UAE government has long been active in setting laws and regulations to improve the transparency of its real estate market and ensure long-term growth. Since the global financial crisis began, these attempts were further amplified by issuing new laws, intervening in the market by controlling future supply and by injecting liquidity into the banking sector to promote lending. “Every strong government provides its market with an ability to bounce back in difficult times and the UAE has shown over the last four decades its resilience and ambition in making [the country] one of the most buoyant economies in the world,” said Hayan Merchant, CEO of Ruwaad Holdings LLC. On November 9, 2008, Dubai’s government formed a high-level committee consisting of a few private developers and Dubai-based master developers, including Emaar Properties, Nakheel and Dubai Properties, who jointly control around 70% of the property supply in Dubai. The committee aims
