The notion of trade organisations is a relatively new one in the Middle East. But in times of economic turbulence, strength in numbers is a vital survival tool for companies. It is this thinking that has prompted real estate developers in the GCC region to set up the first Arab Union for Real Estate Development.

The union, which will include the Arab world’s biggest property companies, architects, engineers and contractors, has already signed up 320 members. It will not only enable these companies to support each other through the economic crisis but could also help to form a regulatory framework for the industry. The aim is for the union to eventually rubber stamp proposed construction projects. This would certainly prevent the sort of problems the industry is currently facing with many projects abandoned or put on hold. Regulation could also provide greater protection for investors, many of whom have been left high and dry by real estate companies who have failed to deliver on their promises.