Monday, August 11, 2008

DED and RERA sign deal to improve Dubai realty sector

The Dubai Department of Economic Development (DED) and Real Estate Regulatory Authority (RERA) in Dubai has entered into a partnership deal to improve the quality of support services offered to real estate investors and customers.

The Deputy Director General for Planning and Development, Khalid al Kassim, and RERA Chief Executive Officer, Marwan Bin Ghalaita, signed the agreement during a signing ceremony recently heald at DED headquarters in Diera.

According to agreement, RERA will use the license and business registration system applied by DED for issuing licenses pertaining to real estate activities. This is intended to ease licensing procedures pertaining to real estate activities and will enhance the overall performance of Dubai's real estate sector.

The agreement is in accordance with strategic objective by DED to constantly review its existing procedures so as to simplify its rules and regulations. The business registration system at DED has been streamlined and made more user-friendly. Investors can now set up businesses with minimum procedures and paperwork, and DED will assist them by co-ordination with other government authorities and departments.

Al Kassim said that through this agreement with RERA, the company is emphasizing its commitment to work together on initiatives that support the progress of realty sector in Dubai.

According to Marwan Bin Ghalaita, RERA will form the basics of licensing for real estate activities and execute procedures that hasten the issuance of licenses for such activities. Through joint initiative, RERA and DED will explore mutually beneficial opportunities that enhance the quality of support services offered to realty investors and customers.

Business owners holding old licenses can correct their status inline with the new regulations. RERA is looking forward to launch real estate activities that adhere to international criteria for real estate licensing, Ghalita added.
The activities included in the list of real estate activities are consultation, realty development, selling and renting, brokerage in buying, buying land and real estate, rental services, organizing public auctions, timeshare residential units, timeshare residential units rental services, real estate pricing services and all real estate future activities.

DED was established in March 1991 aiming to organize, regulate, and boost trade and industry in the Emirate of Dubai.

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