UPDATE 1-Dubai establishes committee to oversee slumping real state market - Reuters:
Dubai has set up a committee to balance supply and demand in the real estate sector and guard against competition between semi-government companies and private firms, the emirate’s ruler said on Monday.
Property prices have steadily contracted by at least a quarter over the past five years due to continued gap between supply and demand.
Sheikh Mohammed bin Rashid al-Maktoum wrote on Twitter the committee would include major developers and be headed by his deputy and son, Sheikh Maktoum bin Mohammed.
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