Wednesday, May 13, 2009

Dubai, Ajman property agencies plan unified strategies

The Dubai RERA (Real Estate Regulatory Agency), together with ARRA (Ajman Real Estate Regulatory Authority) has entered into a joint-agreement to develop a unified strategy to develop the property sector.

The agreement underscores the need to build a unified strategy to develop, organise and modernize the activities pertaining to real estate, including developers, brokers and property management companies, and the workforce of such companies. The agreement also emphasizes the importance of strengthening the co-operation ties between the two organizations.

The agreement was signed by Marwan bin Ghalita, the CEO of RERA and the Director-General Omar Al Barguthi of ARRA, in the presence of Sultan bin Butti, the General Manager of the Land Department.

The agreement signifies a major step ahead in the real estate sector. It focuses on developing a unified vision in developing, updating and streamlining all real estate activities, companies and individuals working in brokerage offices and real estate management.

The Bin Ghalita said that apart from the said, the agreement will regulate the work of brokers and real estate advertising between the emirates, in addition to establishing a unified database in Dubai and Ajman with all necessary information pertaining to the brokerage business, real estate development and management.

This agreement re-iterates the strong relationship between ARRA and RERA, said Al Barguthi.

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