UAE-based Aldar Properties said it has obtained a master developer licence from the Abu Dhabi Department of Municipal Affairs under the provisions of the Real Estate Law which came into effect this year.

The new law provides enhanced protections for customers of off-plan developments and enshrines the rights of owners and residents in existing communities.

A leading real estate developer, Aldar said, with this win, it has become the first licenced master developer in the emirate.

Talal Al Dhiyebi, the chief development officer at Aldar Properties, said: "We are very excited about the introduction of the real estate law in Abu Dhabi. We believe it will bring a high degree of predictability and transparency to the market and thereby increase the attractiveness of the market to existing and a new generation of customers."

"We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole," he stated.

Lauding Aldar's initiative, the Department of Municipal Affairs said it looked forward to a similar move by other real estate companies and take the necessary measures needed to comply with the new law and fulfil the requirements and conditions needed to ensure quality and timely implementation of development projects.-TradeArabia News Service