Business | General

Realty sector must rid itself of corruption

Top Dubai government official says business community should do its bit to ensure transparency in dealings.

  • By Saifur Rahman, Business Editor
  • Published: 00:01 September 15, 2008
  • Gulf News

Dubai: The real estate community in Dubai will have to do its bit to end corruption in the property sector, a top Dubai government official said, without elaborating how.

"Despite the improvement in transparency levels - Dubai's rank in an international real estate transparency index rose to 36 this year from 46 in 2006 - recent corruption allegations in the real estate sector demand that the business community ensure transparency, good governance and engage in anti-corruption practices.

Gathering

"This is the responsibility of every one of us," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, said. He was addressing a suhoor gathering of real estate professionals organised by the Dubai Property Society, the industry grouping under the Dubai Chamber, on Saturday.

Recent corruption scandals have rocked Dubai's red-hot property sector. A number of senior officials are under investigation, and market sources have hinted that more heads will roll.

Istithmar World yesterday said it had fired its vice chairman Adel Al Shirawi and chief financial officer Feras Kalthoum for their activities in their previous positions at another company. "Adel Al Shirawi is no longer serving as a board director of Istithmar World," the statement said.

Meanwhile, a female Emirati manager at etisalat, who has been accused of embezzling Dh27 million in company funds, has been suspended from work pending an internal investigation, a source at the company told Gulf News yesterday.

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