Regular assembly will encourage transparency within property sector
Dubai, UAE - Falconcity of Wonders (FCW), the mega project within Dubailand, is strongly supporting the initiative of the Real Estate Regulatory Authority (RERA) to create a "real estate coalition" that would raise the level of transparency among the various players within the property sector.
The recent move by RERA and the Land Department to institutionalize a regular assembly among developers, real estate companies and investors was welcomed by FCW Chairman and CEO Salem Al Moosa.
"I strongly support the initiative. It's about time that we, the developers, regularly update real estate companies, as well as investors, and, of course, government regulatory agencies, on the issues confronting us and vice-versa. When we know the complete picture of the property landscape then it will be easy for everyone to come up with a win-win formula," explained Al Moosa.
Some of the goals of the "real estate coalition" are to study regulations and related legislation and also make proposals that would enhance market opportunities; to encourage investment in the real estate market; and to communicate with similar groups in the Gulf and the Arab world.
The initiative will also contribute to the economic development of Dubai, as more regional and international investors will reconsider the emirate as a sound investment.
FCW complements the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice-President and Prime Minister of the UAE to turn Dubai into one of the leading tourist destinations in the world.
The mega project features 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.
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About Falconcity of Wonders:
FCW is a purpose-built mega project within Dubailand, 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
Venture Communications
Tel: +971 4 3612729
© Press Release 2009
