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It’s official! Dubai has lost its bubble and investors are scrambling to dump their real estate assets to minimize their losses. The mood is gloom in the emirate as more and more developers are laying off people by the minute.
Ajman is one of the seven emirates that make up the UAE (United Arab Emirates). It’s total area only comprises of 260 square kilometres but the ruler of the emirate, Sheikh Humaid bin Rashid Al Nuaimi has big plans for this small emirate.
Sheikh Ammar who is the crown prince of Ajman and the son of the ruler said in an interview with The National
“We want Ajman to become the getaway from the hectic working cities of Abu Dhabi and Dubai where someone would spend three days working – and three days relaxing in Ajman”.
Earlier this month the emirate announced plans to build a brand new city along it’s coast by the name of Al Zorah to a total estimated cost of Dh220 billion (US$59.9 bn) investment
President of Abu Dhabi, His Highness Sheikh Khalifa bin Zayed Al Nahyan has a vision for his sheikhdom. Developed by his vision with the help of an international planning task force, Plan Abu Dhabi 2030 will govern the growth of Abu Dhabi over the next 20 odd years to develop the city by means of regulations that control land use, transport plans and the height of buildings.
The plan is divided into individual segments that informs about controlled ways to growth Abu Dhabi into a city of 3 million people by 2030 without loosing its appeal of modern and comfortable living it has now.
The whole context of the plan is to place a lot of weight onto environmental issues making sure that despite the imminent building boom the Emirate and city stay in touch with nature and all aspects of it.
Sheikh Mohammad Bin Rashid Al Maktoum, Vice president and Prime Minister of the UAE and the ruler of Dubai has passed a new Escrow Account Law in 2007 that is set to gain control of the apparent developer mess that affects funds and delays.
The new legislation states that developers have to guarantee the correct use of funds for new project launches. With the late lack of confidence of investors in the market and the projected rise of UAE mortgage rates toward the end of 2006, the real estate regulatory body (RERA) has taken a big interest in watching the action closely to protect the integrity of new developments.
With the new rule, Escrow accounts must be managed by banking or financial institutions who are approved by the DLD (also referred to as Escrow agents).
Thursday, December 11th, 2008 
Posted by OP-Mall in 
