Under the sponsorship of "Falconcity of Wonders"
To discuss the challenges and opportunities in the real estate market
Dubai, United Arab Emirates -11 June 2011: The Land Department Authority recently announced the organization of the first forum of Owners Associations in Dubai. A series of topics will be discussed in relation to the activities of these associations regarding real estate regulations, as well as the challenges and opportunities faced by the industry in the current economic climate. The one-day forum will be held on Monday, 13 June 2011 the Godolphin Ballroom of the Emirates Towers with a three-hour session under the sponsorship of Falconcity of Wonders, one of the leading developers in Dubai.
Commenting on the sponsorship, Mr. Al Harith Bin Salem Al Moosa, Deputy C.E.O., Falconcity of Wonders commented: "We are proud to sponsor this forum, the first of its kind for the real estate industry. We would also like to thank the Land Department Authority for organizing similar initiatives aimed at a better future for the emirate's economy. Through these workshops, the associations will be able to exchange knowledge, experience and tips on how to deal with challenges that face s Owners Associations. We always aim for a civilized society that is committed to the best quality of life for its citizens."
Mahmoud El Buri, Senior Director for the real estate sector development department of the Land Department added: "Organizing similar forums is a necessity at this time, especially with the increasing number of Land Department registered associations, now up to 218 associations, and an expected increase of up to 70% of in free ownership of real estate in Dubai by the end of this year. This forum is a major step undertaken by the Land Department in a series of plans to enable owners associations to work more effectively in an emerging market and to take advantage of the international expertise of companies such as the American Institute for Owners Associations Management."
Mohammad Khalifa Bin Hammad, Senior Director for real estate relations, Real Estate Regulatory Agency said: "Owners Association management expertise in the market is still young and needs guidance. This could be provided by the Land Department in order to enable Owners Association management to perform its duties in the best way to match international standards."
He added: "Activating the law of joint ownership allowed the establishment of many owners associations in the first half of 2010, benefiting numerous real estate owners."
Bin Hammad praised the positive interaction between the real estate development companies and the Dubai Real Estate Regulatory Board. Freehold property owners are invited by the Board to elect their association's Chairman and members.
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About Falconcity of Wonders:
FCW is a purpose-built mega project within Dubai,featuring structures based on famous sites and the architectural marvels of the world, such as the Pyramids, the Hanging Gardens of Babylon, the Eiffel Tower, the Taj Mahal and the Leaning Tower of Pisa. The city is shaped to represent the falcon, emblematic of the UAE's heritage.
The project is spread over an area more than 41 million square feet and will combine various commercial, residential, educational and leisure amenities with entertainment facilities, and will include apartments, villas, shopping malls, hotels, restaurants, health clubs and spas, and schools and parks.
In addition, there will be a theme park that will cover an area of more than four million square feet. It will be built as the most ambitious tourist destination created to appeal to the widest audience of tourists, covering all age groups, and nationalities.
For more information, please contact:
Falconcity of Wonders
Tel: +971 4 3355539
www.falconcity.com
Ziyad Hawas Al Ibrahim
Venture Communications
Tel: +971 4 3612729
Mobile: +97150 3534346
ziyadalibrahim@venture-com.com
© Press Release 2011
