Corporate Monitor: Dubai gives away 98 plots of land to Emiratis in Q1 - MENAFN - Middle East North Africa . Financial Network

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	MENAFN - 02/04/2012

(MENAFN) Dubai's government gave away 98 plots of land to Emirati nationals during the first quarter of 2012, Arabian Business reported.

According to Dubai Land Department (DLD), the volume of lands gifted was 15 percent higher from a year earlier when 85 plots of land were gifted.

The official data also found that the volume of donations rose, while the total value of the plots gifted declined by 2.6 percent to USD153.35 million.

It is traditional for rulers in the UAE to gift land to their citizens, as part of the Gulf country's far-reaching social welfare system.

Dubai property market was hard hit by the global downturn, with prices plunging more than 60 percent from the peak of 2008.



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