Abu Dhabi-based Aldar first licensed master developer under new Real Estate Law

Abu Dhabi, UAE: The Abu Dhabi-based real estate developer Aldar Properties PJSC, has announced receiving a Master Developer license from the Abu Dhabi Department of Municipal Affairs, under the provisions of the new Real Estate Law, which came into effect on January 1.

The new Real Estate Law, the announcement elaborated, provides enhanced protections for customers of off-plan developments, and enshrines the rights of owners and residents in existing communities.

For its part, Aldar said, the Department of Municipal Affairs welcomed the step taken by the real estate developer, saying that it looks forward to a similar move by other real estate companies to take the necessary measures needed to comply with the new law, and fulfill the requirements and conditions needed to ensure quality and timely implementation of development projects.

“We are very excited about the introduction of real estate law in Abu Dhabi,” said Talal Al Dhiyebi, Chief Development Officer at Aldar Properties PJSC. “We believe it will bring a high degree of predictability and transparency to the market, and thereby increase the attractiveness of the market to existing and a new generation of customers. We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole.”