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Date: 02/12/2008


Small property developers in Dubai to join forces in future: Rera official

Dubai is likely to witness smaller developers merge together in future, a member of the financial crisis committee said. Marwan Bin Galita, chief executive of the Real Estate Regulatory Authority (Rera), said now it's a good time for smaller developers to join forces, and that he expected some to do so.

"If you look at the market a merger between smaller companies would give it confidence. I always support ... good mergers in any sector if it adds value to the sector," he said.

Bin Galita said that Rera would enforce a law on the registration of off-plan property sales after a holiday this week. Rules for time shares were also being finalised. "People will be selective in where they put their money," he said. It's not like before where people came to buy anywhere."