Dubai's real estate regulatory body on Thursday accused the Gulf emirate's state-backed master developers of damaging its ailing property market by continuing to build despite a rampant oversupply.
"The master developers should understand, believe, that they are damaging the sector by introducing more supply," Marwan bin Ghalaita, the CEO of RERA said in an interview published by Arabian Business online magazine.
He named troubled Nakheel, the giant property arm of debt-laden Dubai World, as well as troubled Dubai Holding, which is owned by Dubai's ruler, and Emaar, developer of the world's tallest tower, Burj Khalifa.
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