The Government of Dubai has formed a new public corporation to own and manage government property. The Dubai Real Estate Corporation will "own and manage the real properties registered in the name of the government or any of its departments, including the ownership, reconstruction, investment and the use and exploitation of land and commercial and industrial real estate, located in the emirate," according a press release on the WAM news service.
The new entity will also maintain, market and manage government properties, as well as the "purchase, sale, lease and management of real estate properties registered in the name of the corporation," the statement said.
Dubai forms new real estate corporation
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