Thursday, January 31, 2008

Al Mazaya reveals plans to launch 600 villas in Dubailand

Al Mazaya Holding has announced its plans to develop 600 villas worth Dh.1bn, in Dubailand.

Villas in DubailandThe developer, last week, displayed the model picture of the villas to the investors. Dubai Properties are the master-planners of The Villa. The project, which was handed over to Al Mazaya after completion of infrastructure works by the main developer, was awaiting bid from contractors for constructional works. Now the contracts have already been awarded, and the work has commenced.

Al Mazaya plans to complete The Villa within 18 months, while providing a marketing tool for the project owners. Three models have been designed by the company, specifying the finishing and furniture. These models can be utilized by owners to facilitate their choice of specifications, after looking at available options.

The interiors and layout work has been awarded to Spanish Interior Designer, Perla Lichi, to build luxurious home interiors and layout for necessary specifications of the project.

Major construction contract of The Pad awarded to Al Rostamani Pegel

The PadOne of Dubai's leading real estate developer, Omniyat Properties, has awarded the main construction contract of its 'The Pad' development to a UAE-German joint-venture, Al Rostamani Pegel.

The Pad, is an iconic 24-storey futuristic tech-savvy residential real estate development in Dubai, and is also the recipient of the prestigious 'Best International Apartment' award at the CNBC International Property Awards in Las Vegas, which is one of the largest industry accolades of its kind, in the world.

The President and CEO of Omniyat Properties, Mehdi Amjad, said "The Pad has earned various awards and distinctions from international development community for its advanced technological design and functionality."

The works have already commenced, and will be complete by December 2009.

Tuesday, January 29, 2008

DAMAC's Amber Residence launched at Dubai Residential City

Amber Residence Dubai
The luxurious lifestyle provider and leading real estate developer of the region, DAMAC properties, unveiled their 'Amber Residence' in Dubai Residential City, located at Dubai World Central in Jebel Ali. With the launch of this property, the total number of DAMAC projects currently under development touches 80 in number.

Amber Residence is a well-designed residential and retail development in the Dubai World Central, which includes retail shops on the ground and mezzanine floors, and residential flats on floors 1 to 9. Designed to provide high-level comfort, the residents get to enjoy exclusive fitness and leisure amenities. This development will prove to be an unmatched asset to its homeowner, due to the distinctive lifestyle that it offers, with unparalleled opportunities of fine dining restaurants.

The Chairman of DAMAC Properties, Hussain Sajwani, said "Amber Residence is a modern architectural design, offering the finest residential and retail lifestyle. It has been tastefully designed to meet the minutest detail, breathing comfort. Residents can be sure of easy accessibility to everything they require, giving the true value for money."

The Dubai World Central is a massive, multi-storey development located amidst the world's largest international airport. Being a 140square kilometers city, it is twice the size of Hong Kong Island, and one of the first integrated logistics platform, including all modes of transports, logistics and value added services in its free zone environment. On completion, the Dubai World Central will be home to about 750,000 people.

DLD approves First Gulf Bank to open and manage Escrow Accounts

The Dubai Land Department (DLD) has granted permission to the First Gulf Bank to open Escrow Accounts for the registered property developers of the department. The DLD is the 'only' real estate title registry in the emirate to approve the Bank to open and manage Escrow Accounts.

The Escrow Accounts that are operated by the First Gulf Bank will be regulated by RERA (Real Estate Regulatory Authority) which currently licenses about 400 developers in the Dubai market, and is the authority behind implementing the new escrow account law.

The Head of National Housing Loans, at the First Gulf Bank, Al Ghafli, said "The new RERA rules are a major step ahead in the maturing Dubai market. These rules protect the interest of both developers and buyers, while the investors feel secure that their funds are safely deposited by a reputable financial institution, like the First Gulf Bank."

First Gulf Bank has a good reputation in the real estate segment within UAE, offering a range of financial solutions to investors and developers alike. The Escrow Account Law was issued by the Dubai Government last year, aiming to control the malpractices by property developers, and enhance the standard of the Dubai real estate market.

Saturday, January 26, 2008

Fakhruddin Properties launches Dh.250mn Grand Lagoon

Grand Lagoon project at Dubai Creek
A UAE-based developer, Fakhruddin Properties, has announced plans to develop Dh.250mn residential project, Grand Lagoon, along the Dubai Creek.

On completion, the Creek will be home to several residential towers, shopping malls, five-star hotels, commercial buildings and marina. The Grand Lagoon project, a "city within a city" by itself, is a hundred percent freehold development, located at one of the seven interlinking islands in the lush green waterfront at Al Sedaifa district.

The 14 storey smart-technology enabled Grand Lagoon, serves as a gateway to premier retail facilities, with a health center and a private clinic, located in close proximity. The building creates a striking impression from street level outside the company. The lower deck level's sumptuous lobby and mezzanine floors are all huge in area, with residential floors above the tower.

A sun deck and pool, adorning the mezzanine level, face directly onto the creek. There are also steam room and game rooms for the adults, play area for kids, and private squash courts, that are specifically designed to enhance lifestyle aspect of the project.

Wednesday, January 23, 2008

Al Barakah forays into UAE realty sector through launch of Sanali Towers

Al Barakah, the real estate group, has forayed into the UAE realty sector, announcing plans to develop Dh.3bn worth commercial and residential projects in a span of three years.

Sanali Towers
First of such an initiative will be to develop Sanali Towers, the Dh.1.3bn development in Downtown Dubailand, which will be followed by a series of developments. The Sanali Towers will be a 30-storey development, with one million square feet of commercial and retail space, facing the prestigious developments of Living Legends and Al Barari. Developed by Sanali Holdings, the project has been purchased by Al Barakah Investments, and will be marketed by Inside Track Real Estate Brokers LLC.

Each of the towers will comprise retail spaces on the ground, apart from office space and health club facilities. The offices will have spacious underground car parking. Al Barakah is offering buyers of Sanali Towers, interest-free payment in a span of ten years, for the first time ever in Dubai.

After having recently announced the development of a 30 storey tower in Ajman, the group will announce its first project in Dubai in February. Al Barakah plans to focus on establishing long-term associations with property investors and buyers, through transparent dealings, so as to make them fully aware of the various aspects of property ownership. The company has already acquired several plots in Dubailand, Downtown Jebel Ali, and Ajman with a built-up area in excess of three million square feet.

New Codominium Law brings relief to home-owners

A senior government official has revealed that, as per the new Condominium Law, the property owners have been assigned the responsibility of levying service charge on freehold premises. Hence master developers will no longer be able to levy exorbitant service charges on freehold premises.

The Article No.22 of the Condominium Law (Law N0.27 of 2007) states "The owner of each unit shall pay to the Owners Association, his share of yearly service fee to cover the cost of management, maintenance, operation and repair of common parts."

This share will be defined on the basis of the area per unit, out of total area of joint property. The developer, irrespective of being main or subsidiary, will have to pay its share of fee for unsold units. No owner of any unit will be allowed to give up his share of common parts to avoid paying the yearly service fee, states the article.

At present, the master developers and property developers of individual towers who are developing major neighbourhoods in the freehold and leasehold areas in Dubai, are fixing and levying service charges at the rate of Dh.8 to Dh.12 per square feet, which is considered very high. This has led to conflict between home owners and master developers are freehold areas.

As there have not been any proper laws, some developers have levied even higher charges which have led to discontent of the buyers. With the new Condominium Law in place, the situation is expected to change for the better, as property buyers can dictate and fix service charges of their own premises, rather than depending on the developer.

The Condominium Law, which compliments the freehold Property Registration Law, is also expected to help facilities management sector and the maintenance firms, as it will open up freehold neighbourhoods for competition, which have been otherwise, so far, monopolized only by master developers.

Monday, January 21, 2008

Nakheel's 'The World' enters final stage of construction

The World Islands construction
Nakheel, one of the largest property developers of the world, has entered the final stage of construction of The World islands in Dubai, completing the entire project in five years from the date of announcement.

The final stone that was laid was 34 million tones of rock, which was used in constructing 27-kms breakwater, which surrounds the 300 man-made islands that make up The World. The last rock was placed by Hamza Mustafa, the Director of The World, completing the first phase of one of the most sophisticated real estate development projects in the world.

The next phase of the project is to handover the islands to their developers for construction and the building of infrastructure. The cost of the islands range from $15 to $50 million, although, at present, each island costs about $250million.

The World Islands are a collection of man-made islands shaped in the form of continents of the world, located off the Dubai coast in the UAE. It consists of small individual artificial islands, divided into four categories - estate homes, private homes, dream resorts and community islands. The Formula 1 World Champion, Michael Schumacher, owns an island in The World Island.

Abu Dhabi's Empire Tower meets huge response from investors

Empire International Investments, the real estate division of the multi-disciplinary Empire Group, has announced that about 160 units in their prestigious 'Empire Tower' development, has been sold out. The sales have remained good, despite the recent price hike of 12%.

The project, which is worth Dh.1.2 trillion or more, has about Dh.850million absorbed by the construction sector. The 57 storey residential tower, which was originally named as Waterfront Residence, has been designed by world renowned architects AEDAS.

Located within Shams Abu Dhabi, adjacent to Central Park and the future landmark Quad Building, the building comprises one, two, three and four bedroom apartments, which offer spectacular sea and Central Park views. Other features include swimming pool, sundeck, spa, gym, landscaped garden, underground secure parking and rooftop helipad.

During the past one year, the real estate sales in Abu Dhabi have increased steadily, and the demand for quality residential and commercial property in the city has been much in demand. This comes as good news to all potential investors' planning to invest in Abu Dhabi market.

The Empire Tower units will be sold during the International Real Estate and Investment Show, at stand B8, the ADNEC, from 30th January to 2nd February 2008.

Saturday, January 19, 2008

Deyaar launches Dh1.5bn Bristol Towers at Business Bay

Bristol Tower in Business Bay Dubai
One of the region's fastest growing real estate companies, Deyaar, yesterday, unveiled Bristol Towers, a Dh.1.5bn twin tower project in Business Bay.

With the inclusion of Bristol Towers, Deyaar has about a dozen projects in Business Bay. The properties of Deyaar, are one of the most sought-after in the development.

The Chief Executive of Deyaar, Zack Shahin, said "Bristol Towers are the jewel of the collection. This project is amongst the largest and most well-designed undertakings in Business Bay with excellent facilities. The trust posed on us, by our customers has motivated us to constantly deliver our commitments of ensuring transparency, quality and timely deliveries. "

The project features a residential block (Bristol Residency) and a commercial block (Bristol Executive). Comprising 29 storeys, the towers feature a refreshingly beautiful exterior that resembles an open book. The project spreads across an area of 623,680 square feet of space, and offers ample parking space with more than 1300 parking units.

Bristol Residency comprises studio, single, double and triple bedroom apartments, with well-designed office space, along with a host of facilities, such as a podium level garden with an outdoor sitting area, state-of-the-art IT facilities and security systems.

Deyaar is a leading developer in Business Bay, with most of its projects almost sold out, which includes, Metropolis, The Citadel, 51@Business Bay, Burlington, Fairview Residency, Oxford Tower and such others. Most of the developments of the company are much in demand on the secondary market as well, drawing customers from UAE and overseas.

The Bristol Residency and Bristol Executive clients get to avail themselves of many finance schemes from leading banks such as First Gulf Bank, Tamweel, National Bank of Dubai, Dubai Islamic Bank and Abu Dhabi Commercial Bank.

Abu Dhabi's Annual Rent Cap fixed at 5%

The Annual rent cap in Abu Dhabi has been reduced from 7 percent to 5 percent yesterday. This was done to regulate the high rentals and housing crisis in the emirate. The decision is to take effect immediately.

The decision has been issued by the Abu Dhabi Executive Council, based on Law No.20 for 2006, that speaks about landlord-tenant relationship, and aims at curbing the negative impact of high rentals on the emirate's competitiveness, sustainable economic growth and social stability.

Such a move has been initiated in response to recent reports which pointed out an unprecedented increase in rents. The new contract will remain subjected to inflationary pressures, based on factors such as the cost of construction, and shortage of supply.

The Chairman of the Construction Committee, Khalfan Al Ka'abi, said "This is a step in the right direction, and this will have a real effect on residents. However, some more time may be required to solve the housing crisis completely."

Certain units will be delivered this year, but, the majority of the units will be delivered to the market only in 2009, and this supply would ease the market to a great extent, he added.

Thursday, January 17, 2008

New tenancy law to be introduced in Dubai shortly

The Dubai Government is shortly expected to announce a tenancy law, that will re-define the landlord-tenant relationship, while also managing the rent disputes, and a comprehensive legal framework would be introduced, for the booming residential rental market in Dubai, said a top government official yesterday.

At the moment, it is the responsibility of Rents Committee to settle disputes through an informal arbitration system. This is likely to be replaced by a new tenancy law, which has been already approved by H.H. Shaikh Mohammad Bin Rashid Al Maktoum, the Vice President, Prime Minister of UAE and Ruler of Dubai.

The Assistant Director General of Dubai Land Department, Mohammad Sultant Thani said that all issues pertaining to rents, tenancy, bachelor accommodation, subletting, landlord-tenant disputes and all other social aspects, will be tackled by the new law. However, whether the rent cap too, will be regulated through the new law, is yet to be known.

Increasing rents have been a big cause of worry for nearly 85 percent of Dubai's expatriates, who form 1.44million of population, a majority of whom live in rental units. During the past few years, rents have hiked rampantly.

In the meanwhile, Thani revealed that so far, the Dubai Land Department, has registered 72,000 units ever-since the department was established in 1960s, while last year, we have registered 11,000 units.

Thani mentioned that the new law will further strengthen the Dubai property market, as there has been a steady growth in the property market ever-since expatriates were allowed to own property. Once the law takes effect, all existing freehold apartments, residential units and villas for rent, will come under the law.

Ajman's infrastructure projects crosses Dh.1.38bn mark

It has been reported that the value of infrastructure projects in Ajman has touched Dh.1.38billion.

Ajman MarinaDuring the previous year, Ajman allocated Dh.500mn towards infrastructure, with Dh.45mn for roads and intersections, Dh.85mn for two bridges, Dh.14mn for other roads, their maintenance and renovation, all totaling up to Dh.165mn in value.

Apart from these, the emirate has invested Dh.580mn in projects like construction of bridges, lights, roads and development of government complexes. Among the infrastructure projects, the Dh.800mn sewerage system is a major infrastructure project in the emirate.

The Ajman Marina, worth $2bn, developed by Tanmiyat, is likely to transform Ajman into a popular destination for tourism, business and residence. The mixed-use project will provide residential accommodation for nearly 21,000 residents, and will include commercial and entertainment areas that spread over three million square feet. The project, which is open to all nationalities on a freehold basis, is expected to be complete by 2015.

Apart from the exclusive features that Ajman Marina has to offer, such as the yacht club, residential towers with view of marina and shores, restaurants, entertainment amenities, shopping mall, offices and hotels, the free zone state of the emirate is an easy access to commercial locations.

Tuesday, January 15, 2008

Nakheel announces Dubai Promenade, the latest waterfront community

The Dubai PromenadeThe Dubai Promenade, the latest sophisticated waterfront community, announced by Nakheel, comprising 60 berths and own marina, is expected to create a virtual peninsula along the Dubai shoreline, along with a magnificent five star wheel shaped hotel.

Encompassed by a marina, a natural beach and the sea, the Dubai Promenade will offer panoramic views and idyllic walkways, with its carefully considered architecture, which will create a different residential and commercial environment.

The project spreads over 25000 square meters of retail space, and about 17000 square meters of office space, with 2000 residential units accommodating nearly 10,000 residents.

Positioned between the Dubai Marina and the seafront, adjacent to Dubai International Marine Club (DIMC), the Dubai Promenade offers breathtaking views of The Palm Jumeirah, the Arabian Gulf and the coast towards the Jebel Ali Port.

The development emphasizes on open space, waterfront lifestyle, with expansive promenade opening up the seafront to visitors and residents. The entire waterfront will offer a selection of commercial and residential towers, restaurants, cafes and retail space.

The Senior General Manager, Dubai Promenade, Ali Bin Damithan, commented that the Dubai Promenade will now further enhance the international profile of the emirate, through its wheel-shaped hotel, which would be the centerpiece of attraction, as the unmatched structure and shape of the hotel will be so magnificent that no other skyline in the world offers something like it.

The construction of the development is due to begin during mid-2008.

Sunday, January 13, 2008

Dubai to release Property Index with a view to curb high rentals

A new property index will soon be released in Dubai, which would be of help in establishing appropriate rents for properties in the emirate, so as to control the shooting rental prices.

The Real Estate Regulatory Authority (RERA), has said that the new index would come into effect from 15th of this month, setting up the minimum and maximum chargeable rents for properties in particular developments.

With the introduction of property index, the landlords are left with no choice but to set rents within the stipulated limits. The tenants and those in the look out for rentals, will also be benefitted as it will serve as a guide to ensure that they are not being overcharged. Any complaints thereafter could be then reported to the rental dispute committee.

Dubai has issued an annual rent cap of 5% for 2008, which is lesser in comparison to the 7% capping of 2007.

Saturday, January 12, 2008

DMCC completes delivery of Almas Tower offices

Almas Tower offices
Dubai Multi Commodities Center (DMCC) has completed the delivery of offices in the Almas Tower to its diamond sector members. This move was initiated to establish a diamond industry cluster in Dubai.

The Almas Tower is DMCC's flagship tower, located within the Jumeirah Lakes Towers development, built to cater to the particular needs of the diamond industry.

During a ceremony held yesterday at Monarch Hotel in Dubai, the keys were handed over to member companies, who are to occupy the 3-20 of Almas Tower. It is up to the clients now, to complete their individual fit outs prior to occupying their new offices.

The Almas Tower marks a major step forward towards realizing the objectives of DMCC to establish a dedicated market place, providing industry-specific market infrastructure, and a range of amenities for diamond trade in Dubai. The Almas Tower will offer an entire range of diamond trade related facilities, and will house the Dubai Diamond Exchange, the one and only diamond exchange in the region, said Ahmed bin Sulayem, the DMCC Executive Chairman.

The remaining phases of the tower will be handed over during the next couple of months.

Friday, January 11, 2008

Abu Dhabi to showcase the unique concept of Building for Today

William McDonough treescrapper tower
"Building for Today", a conceptual design for a skyscraper, which can do "everything that a tree can do, except replicate" will be presented by a design visionary at the Abu Dhabi World Future Energy Summit, to be held in Abu Dhabi next month.

William McDonough, was commissioned by Fortune magazine, to come up with a design for skyscraper office tower, which would bring about a 100 percent impact on people and place. Eversince McDonough and his team embarked on the project, they have been approached by numerous companies interested in turning his idea into reality.

Speaking during an interview, McDonough said "We actually came up with 'a building for the present', something that has been possible today, which incorporates the idea of building like a tree - A building that receives energy from sun, grows food, builds soil, purifies water, provides habitat for hundreds of species, changes colors with seasons, and creates micro-climates. A building that does everything that a tree would do, except self-replicate."

McDonough will discuss the idea during the World Future Energy Summit, due to be held in Abu Dhabi between the 21st and 23rd of January, and he will be joined in Abu Dhabi by other prominent architects. This initiative emphasizes on education, research and investment in the future of energy and environmental sustainability.

Thursday, January 10, 2008

'Isla Moda'- the world's first fashion island launched in Dubai

Isla Moda - Fashion Island
The world's first 'Fashion Island' Isla Moda, was launched in Dubai yesterday, by Dubai Infinity Holdings (DIH).

Being an iconic mixed-use development, the Isla Moda, will have themed residential villas, fashion resort, haute couture boutiques, luxury hospitality, all in a single development, with an aim to establish Dubai as a global fashion hub.

Renowned fashion designers from various continents will take up the designing of each element of the development.

The DIH, which was launched in December 2007, intends to increase the diversification of UAE economy through their strategic investment in lifestyle, entertainment, real estate, healthcare, education, IT and other sectors. Isla Moda depicts the commitment of the company towards non-conventional investments, with innovative, high-growth potential.

The CEO of DIH, Samira Abdulrazzak, said "Isla Moda will get to be known as the central fashion district of the entire region, and will be home to top fashion luminaries in the world. It will make a significant impact not only within the international real estate community, but, also within key fashion and leisure segments."

Isla Moda will combine luxury with style to attract the world's fashion elite. Ideally located on The World, it will be the ultimate in fashion experience, offering bespoke living, shopping, dining and entertainment to people, said Abdulrazzak.

Isla Moda will offer top-quality service to residents and guests for perfumery, clothing, personal style makeover, and design concierge, to create a kind living environment, with bespoke furnishings, technology and art.

Isla Moda will comprise a fashion hotel and variety of themed residential villas. The hotel will have about 250 rooms and serviced apartments, along with boutiques, design studios and dedicated areas for banquets and functions. Each area will be designed based on the needs of fashion connoisseurs and fashion industry in mind. Adjacent to the residential collection, there will be Beach, Royal and Water Villas. The villas offer a unique experience, with one-of-a-kind private beaches, pools and unique residential accessories.

There will also be exclusive international events featuring high-profile designers, product launches and fashion shows in the island.

The first stage of development will begin by fourth quarter of 2008.

Tuesday, January 08, 2008

Goldcrest Business Vista project worth Dh.360mn launched in Ajman

Goldcrust Businessvista
The joint-venture by Mazyood Giga International and ETA Star, Star Giga, yesterday unveiled the 'Goldcrest Business Vistas', a Dh.360 million project in Ajman. Falling into the category of world-class real estate projects, the Goldcrest Business Vistas provides the best most commercial environment to companies at the regional and international levels, investors and other multinational business establishments.

The project is being built in the Emirates City, the new mixed-use development on the Emirates Road in Ajman, and is just 20 minutes away from Dubai and Sharjah International Airport.

The 29 storey commercial tower will include five offices of various sizes, ranging from 845 square feet to 1544 square feet in area, which the investors could choose from. The offices are designed in an open plan, offering space for more interaction and team work. The upscale tower, at its podium level, offers a multi cuisine restaurant, and features a rooftop gymnasium, and pool, for the fitness conscious corporate world.

The Star Giga Executive Director, Amir Pardesi, said Emirates City on Emirates Road in Ajman, being one of the most coveted new developments in UAE, is the most ideal environment to launch a business. The Goldcrest Business Vistas is an ambitious project, with a potential to attract large numbers of business firms, seeking to operate in a modern business environment.

Land reclamation complete for shaping Coconut Island in Abu Dhabi

One of the prominent realty developers of Abu Dhabi, ALDAR Properties PJSC, has announced completion of its land reclamation and dredging for the major island resort and gated residential development at the Abu Dhabi West Coast.

This project is a combined effort through partnership with National Corporation for Tourism and Hotels (NCT &H) and is due for completion by 2010.

At present, the approval of master plan of Coconut Island, and the appointment of architects for the projects have been done. The new lagoon of the island, which would form the center-piece of the project, has taken shape. The next step to be done is soil investigation, soil improvement and shoreline protection works, prior to commencing the buildings and other infrastructure works.

Coconut Island is expected to be a five star luxury resort, comprising 160 guest rooms, a spa, restaurants and marina. The island has a sand bar encompassed by clear turquoise waters thereby providing idyllic setting for relaxation. Apart from the resort, the island will have three and four bedroom apartment buildings, and six, five and four bedroom villas, and other spectacular views of the Arabian Gulf.

Senior Project Leader, ALDAR Properties, Rami Hreiki, said that both ALDAR and NCT&H, together, will continue to strive to bring this exciting project to fruition.

Thursday, January 03, 2008

Dubai rents to be capped by 5% in 2008

The Vice President and Prime Minister of UAE and Ruler of Dubai, H.H. Shekh Mohammad bin Rashid Al Maktoum, has issued a decree on 27th December 2007, lowering the annual rent cap in Dubai by 5% from the existing 7%, beginning 1st January, 2008. This rent cap would be implemented by the RERA (Real Estate Regulatory Authority) and the Dubai Land Department (DLD) in 2008.

This new rent cap would be applicable to new tenants, whose rents were not increased last year. However, for those tenants, who have had a rental increase in 2007, there will be no new increase.

At present, Ras Al Khaimah and Fujairah have both had a rent cap of 15%, while Abu Dhabi maintained 7% rent cap.

This move by the Dubai government has been much appreciated by the residents, realty developers and brokers, as strong demand and lack of adequate supply, had increased rents tremendously during recent past, which is a cause of concern among residents in Dubai.

The RERA Chief Executive, Marwan bin Ghalita, has warned that any increase beyond the proposed cap, is in violation of the rule, and in such a case, tenants should not agree to sign the contract.

RERA announces first list of Real Estate developers in Dubai

Going by the Law No.9 of 2007, the Real Estate Regulatory Agency (RERA) has announced its first list of realty developers that includes more than 400 companies holding real estate developer license, thereby maintaining transparency in Dubai. However, it has been said that a few companies, which had earlier entered into a special one-to-one agreement, has been exempted from opening the project security accounts.

RERA usually grants permission to licensed companies and projects, for opening of project security accounts, according to special agreement. The investors have been warned against purchasing or investing on real estate companies that do not hold the necessary Agency license required by the real estate companies, for legal transactions.

The Chief Executive of RERA, Marwan bin Galita, has said that unlicensed companies would have major difficulties in marketing and selling their projects, through media outlets, once the list has been issued.