Five-year real estate plan announced by Abu Dhabi

A new five-year plan has been unveiled by the Abu Dhabi Executive Council to boost foreign investment and confidence in the real estate market. The strategy focuses on the development of Abu Dhabi as a city and export activity outside of oil as well as property construction in the burgeoning area. It arrives as part of guidance behind the United Arab Emirates' plans to commit $275 billion on infrastructure and real estate projects. According to the strategy, the main aim is to achieve prosperity for citizens and expatriates, and to make Abu Dhabi a better place for residents and tourists. "Opening up the economy, achieving sustainable economic growth and turn Abu Dhabi into a globally attractive investment, economic and tourism centre" are all aims for the government departments which will be regularly monitored by the council. Meanwhile, last week Reem Finance received regulatory approval from the UAE Central Bank and Ministry of Economy and joined the 23 other finance lenders operating within the real estate market.