(Bloomberg) — Dubai will set up a committee to balance property supply and demand as a slump in prices weighs on developers in the Middle East’s business hub.
The emirate’s ruler Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet he wanted the committee to ensure that “semi-government real estate companies in Dubai won’t compete with private-sector investors.”
Members of the committee will include companies such as Emaar Properties PJSC, Nakheel PJSC, Dubai Properties Group and Meraas Holding LLC, according to a statement posted on the government’s Media Office website.
Property prices in the U.A.E., the second-biggest Arab economy, have dropped about 27% since October 2014 amid excess supply and sluggish economic growth. Emaar Properties, the biggest developer in Dubai, last month posted a 4% decline in first-half revenue.
The Dubai Financial Market Real Estate Index has gained about 8.6% this year after tumbling 39% in 2018.