Dubai's Ruler Sheikh Mohammed Bin Rashid Al Maktoum has appointed Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as the new chairman of the board of directors at state-owned Dubai Real Estate Corporation (DREC), reported Emirati news agency Wam.

Established in 2007, DREC is responsible for constructing, investing or using government land, and commercial and industrial Properties in Dubai.

It was set up to consolidate and manage the real estate assets registered with the government or any of its departments. The following year, a new company known as wasl was formed to oversee the management of its assets and grow its portfolio.

As per a decree issued by Sheikh Mohammed, who is also the Prime Minister and Vice-President of the UAE, the board will have Hisham Abdullah Al Qassim as Vice President for a period of three years, stated the Wam report.

The other board members are Sami Ahmed Al Qamzi, Abdullah Ahmed Al Habai, Mohammed Hamad Obaid Al Shehhi, Rashid Mohammed Al Mutawa, Sha'ib Mir Hashim Khoury and Mohammad Hadi Ahmed Al Husseini.