A new real estate law for Abu Dhabi will be ready before the end of this year to tighten regulation of the fast growing property sector in the emirate, a top government official said on Sunday.

The draft law was ready some six months ago but had to be re-worked, Ahmed Shareef, Under-Secretary at the Department of Municipal Affairs, Abu Dhabi, told a real estate conference.

'It will be ready by end of the year, latest,' he said, adding the law would also include guidelines for escrow accounts and mortgage financing among others.

Abu Dhabi is seeking to attract long-term investors and partners into its real estate sector. 'We do not want speculators,' he said.

Abu Dhabi is investing billions of dollars in developing infrastructure, real estate and tourism as it seeks to diversify its economy from oil.-Reuters