Uphold healthy business practices

Given the recent developments that are unfolding in the real estate sector in the UAE, a number of steps are necessary to be taken if this sector is to maintain a healthy presence and continue with its contribution to the local economy.

It is crucial that the corrective measures come into full force so that investor confidence is ensured.

Perhaps nothing has been more damaging to the sector in recent times as the series of arrests of senior officials who have been directly or indirectly involved in the workings of the real estate sector.

Corruption and wrongdoings were openly labelled as being the problems that were in need of addressing. Such an approach has surely been a positive step as the UAE has been trying to improve on its business practices.

But much is needed. "Despite the improvement in [Dubai's] transparency levels.... recent corruption allegations in the real estate sector demand that the business community ensure transparency, good governance and engage in anti-corruption practices", said Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry.

Upholding these principles is a responsibility that is shared by all parties involved in the business sector - without any exceptions.