Business | General

'Corporate governance very solid'

Abu Dhabi's real estate developers say they are clean and transparent and are backed by solid corporate governance laws that don't leave room for malpractice or corruption.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 23:21 August 18, 2008
  • Gulf News

Abu Dhabi: Abu Dhabi's real estate developers say they are clean and transparent and are backed by solid corporate governance laws that don't leave room for malpractice or corruption.

The developers were responding to queries about instances of corruption in their companies similar to those unearthed in Dubai.

"Our corporate governance is very solid," Ronald Stephen Barrott, CEO of Aldar Properties, the emirate's largest property developer by portfolio, told Gulf News.

A spokeswoman for Sorouh, another major real estate company, said the company is publicly listed and is completely transparent in its operations.

"We are a very transparent company. There are definitely no instances of any malpractice or corruption within the company that I know of," she said.

Dr Sulaiman Al Fahim, CEO of Hydra Properties, scotched rumours that some Hydra executives are under investigation for illegal selling.

"None of our employees or board members are under investigation. We follow the latest international corporate governance laws and have the highest levels of transparency," Al Fahim said.

"We have a code of ethics which all our employees have signed. In Dubai, we have a legal status with the Dubai Land Department. As far as I know, none of the Abu Dhabi real estate developers are under investigation," he added.

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