Property boss urges greater protection for expat investors
MAG Group CEO says Dubai must be more transparent to drive economy.
Greater protection for investors is needed in Dubai to drive its economy, a property boss said on Wednesday.
Mohammed Nimer, CEO of developer MAG Group Properties, said the emirate must focus on attracting expatriates and forge better relations with foreign companies - as well as increasing transparency.
"The future domestic economy must focus heavily on expatriates and foreign companies and its business relationships with the rest of the world. There must be greater transparency, tougher regulations to protect investors and a basic safety net on provisions for the expatriate community upon which the economy is dependent," he said in a statement on Wednesday.
A large supply of residential and commercial property is yet to be absorbed by the market, he added.
There have been repeated calls by lawyers in Dubai to give investors, particularly in property, greater protection.
Legal tussles between investors and developers in Dubai are common. Lawyers say many investors enter into contracts heavily weighted in favour of developers.
Nimer, whose Mag Group has a portfolio worth AED3bn, also called on Dubai to return to ‘basics' through its tax-free business hub and ability to attract foreign direct investment.