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Sheikh Mohammed issues new law for Dubai’s Rera to boost real estate

The law will come into force once published in the government’s Official Gazette and is aimed at enhancing the real estate sector

HH Sheikh Mohammed bin Rashid Al Maktoum.
Logistics Middle East
HH Sheikh Mohammed bin Rashid Al Maktoum.

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has created a new law for Dubai’s Real Estate Regulatory Agency (Rera), which will come into force once published through The Official Gazette – the government’s periodic publication issued through the Supreme Legislation Committee – with the aim of enhancing the real estate sector’s role in the economy.

According to Dubai Media Office, the new law includes restructuring the legal provisions of the agency.

The objectives also comprise contributing to the development of Dubai’s real estate sector within an integrated system of regulatory and monetary procedures to enhance the sector’s contribution to Dubai’s economy.

Dubai Media Office added that Rera would work to provide a secure environment for real estate projects in order to protect the rights of developers and investors, as well as implement new projects and explore real estate opportunities.

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Construction Week - Issue 753
Nov 09, 2019