Event: The realities of governance and regulation in the UAE real estate sector
Date: 05 Dec,2016
Dr. Peter Oyelere
Department of Accounting, College of Business and Economics, UAEU.
The study is trying to explain the reasons UAE real estate sector was affected by the global financial and economic crises of late 2000’s. It was suggested that this was partly due to the lack of robust governance structure and mechanisms in the sector during this period. In this study, we investigated the prevailing governance and regulatory structure of the UAE real estate sector and propose the enactment of a globally benchmarked set of structures and mechanisms based on overarching concepts of sustainability, accountability and transparency. Existing research suggests that crisis in the real estate sector have significant impact on a country’s economy as a whole, as it exposes banks and sovereign wealth funds to asset write-downs. From the results, we generated outcomes that will be of use to UAE policy makers in the areas of governance, regulation, and real estate investor confidence and participation. We believe these outcomes should make the UAE real estate sector better prepared to withstand future global financial and economic shocks and crises.
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