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Ajman approves development of 172 towers
- United Arab Emirates: Monday, August 24 - 2009 at 13:40
The Ajman Real Estate Regulatory Agency (ARRA) has approved the construction of 172 towers in the emirate, down massively on the 900 buildings that were originally planned for development. The first time ARRA has published a list of approved projects since introducing regulations, it now requires developers to be registered and hold an escrow account for investor funds, which can only be used for construction costs. "Some of the registration applications have been rejected but many other projects are still under process and may join the list, or not," Omar al Barguthi, Director General of ARRA said.
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StaffMonday, August 24 - 2009 at 13:40 UAE local time (GMT+4)
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