Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has announced new measures to drive three economy sectors: housing, SMEs and retail.
The proposal was shared with senior officials over the weekend which includes establishment of timeshare of property in the Emirate. This facility allows foreign owners to own a part of the villa or apartment for personal use for a set time period.
The Department targets between 500 and 1000 holiday units, reported Arabian Business.
“Dubai has established a clear and well-established economic policy which in turn has strengthened its ability to absorb rapid changes in an unstable global economy in order to achieve sustainable economic growth and enhance its competitiveness at all levels,” Sheikh Mohammed said in a statement.