Bin Ghalita: The memorandum consolidates cooperation between government institutions and strengthens confidence in Dubai's real estate market
Lootah: We are keen to provide an appropriate economic environment for competitive economic activity in Dubai
Dubai, United Arab Emirates, 13th March 2018: In line with its commitment to integrating government agencies and harnessing all expertise to enhance trust among real estate investors, the Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with the Department of Economic Development (DED) in Dubai through the Real Estate Regulatory Authority (RERA), DLD's regulatory arm.
The MoU focuses on establishing a mechanism for monitoring and inspecting real estate facilities licensed by RERA.
Under the agreement, the Commercial Compliance & Consumer Protection (CCCP) sector in DED will monitor and inspect real estate facilities licensed by RERA to ensure compliance with applicable laws and regulations.
The MoU was signed by His Excellency Marwan Ahmed bin Ghalita, CEO of RERA, and Mohammed Ali Rashid Lootah, CEO of CCCP, and in the presence of His Excellency Sultan Butti bin Mejren, Director General of DLD, and His Excellency Sami Al Qamzi, Director General of DED.
His Excellency Engineer Marwan Ahmed bin Ghalita said:
“The signing of the memorandum, which authorises CCCP to carry out the field inspections of real estate companies, stems from our keenness to ensure compliance with the laws and legislations for the practice of real estate activities.
This agreement will contribute to the realisation of DLD's vision to establish transparency and accountability in order to preserve the rights of all parties in a safe environment that operates under regulations and legislation respected by all.”
Bin Ghalita added: “The agreement also supports our strategic objective to protect the rights of investors, because it will have a significant positive impact by ensuring that companies comply with the laws and reduce the likelihood of negative practices in the real estate market.
This will establish an atmosphere of trust in the real estate market, while also improving the integration of government agencies and harnessing all expertise and possibilities to enhance trust among real estate investors.”
Mohammed Ali Rashid Lootah commented: “The Commercial Compliance & Consumer Protection sector is keen to provide an economic environment suitable for competitive economic activity in Dubai in line with the strategic objective of the Department of Economic Development to promote growth across strategic sectors and support local as well as international businesses and investors.
CCCP conducts field inspections of commercial facilities to ensure compliance with regulatory requirements, protect owners of trademarks and commercial agencies in accordance with international standards, and provide the best services that contribute to supporting traders and consumers.
”Lootah added: “Through this agreement, we will work to enhance investor confidence in the real estate sector, focusing on raising the quality of services, increasing business competitiveness, enhancing co-operation with consumers, and protecting their rights, all of which are critical to enhancing the ease of doing business and economic activity in Dubai.”
Under the MoU, the two parties will coordinate to issue and impose fines in the case of any violation of the regulations in force.
DLD will provide all the data and information necessary for inspection, supervision and follow-up of the licensed real estate facilities, and CCCP will organise awareness campaigns for the targeted parties in the first phase.
DLD will provide CCCP's team with all the directives, decisions and memos issued to real estate companies in Dubai, which clarify the clauses of the violations and the mechanisms of their application. DLD is also committed to coordinating with DED regarding the use of technical systems between the two parties.