Under the supervision of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, a high-level Advisory Council of the Government of Dubai was formed to address the current global challenges and their impact on a range of areas, including government finances, real estate, banking and equity markets. “The formation of the Advisory Council is an extremely significant initiative undertaken by the Government of Dubai, under the guidance of His Highness Sheikh Mohammed, to ensure the long-term growth and stability of a range of sectors of economic activity in the emirate,” said Mohamed Alabbar, who has been nominated to head the council. He delivered the keynote address at the opening of the DIFC (Dubai International Financial Center) Forum, part of the ongoing DIFC Week in Dubai on Monday, where he outlined ongoing activities of the Council, which is tasked to meet at minimum monthly basis. The members are: • Mohammed Al Gergawi, UAE Minister of Cabinet Affairs and chairman of Dubai Holding. • Mohammed Al Shaibani, Director-General of the Ruler's Court and chief executive of the Investment Corporation of Dubai. • Sultan Bin Sulayem, chairman of Dubai World. • Dr. Omar Bin Sulaiman, governor of the Dubai International Financial Center and vice-chairman of the UAE Central Bank. • Nasser Bin Hassan Al-Shaikh, director-general of the Dubai Department of Finance. • Essa Kazim, chairman of Borse Dubai and the Dubai Financial Market. • Abdul Aziz Al Muhairi, managing director of the Investment Corporation of Dubai. • Marwan bin Ghalita, chief executive of the Real Estate Regulatory Authority. Among the Council's first activities has been to actively manage the current and future supply of new projects onto the emirate's real estate market to ensure equilibrium in the sector. Pointing out that the three largest Dubai-based real estate developers account for approximately 70 percent of supply, Alabbar said that the Council is acting in full cooperation with them as well as private developers in the emirate. “Today, the real estate sector is witnessing a healthy correction. This is a consequence of global financial conditions - and is inherent to the very nature of the market. As we all know, real estate is cyclical. Monitoring supply and sales, the Advisory Council is managing this important sector of our economy, ensuring that new supply is properly managed and that current and future demand is adequately met,” he said. He added that the city continues to attract international investors and professionals who want to be part of the Dubai success story and sought
