FMs pleased with step towards OAs official status

Nigel Wright, operations manager, MAB Facilities Management.

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FMs have expressed delight at the news that OA’s will be able to open bank accounts in the next month.

Dubai Land Department confirmed the news last week in a step that sees OAs one step closer to becoming a legal entity.

“It’s a step in the right direction,” said Nigel Wright, operations manager at MAB Facilities Management.

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“It sets up the vehicle for the contract to be set up the way it is supposed to as opposed to the three way contract between the developer, service provider and owner where there was no clear way of contractual management.”
But the battle is far from over, says Wright.

“The time it takes to translate depends on the developer in the building and the handover process. OAs must understand what they are getting themselves into. There is still a lot of work to be done.”