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INVESTOR PROTECTION DRIVE

Marwan Ahmed bin Ghalita and Mohammed Ali Rashid Lootah

New Dubai initiative to control real estate facilities

DUBAI, March 14, 2018

The Dubai Land Department (DLD) has signed an agreement with the Department of Economic Development (DED) in Dubai through the Real Estate Regulatory Authority (Rera), DLD’s regulatory arm.

The memorandum of understanding (MoU) focuses on establishing a mechanism for monitoring and inspecting real estate facilities licensed by Rera.

Under the memorandum of understanding (MoU), the commercial compliance and 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 Marwan Ahmed bin Ghalita, CEO of Rera, and Mohammed Ali Rashid Lootah, CEO of CCCP, and in the presence of Sultan Butti bin Mejren, director general of DLD, and Sami Al Qamzi, director general of DED.

Bin Ghalita said: “The signing of the memorandum, which authorises CCCP to carry out field inspections of real estate companies, stems from our keenness to ensure compliance with the laws and legislation 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.”

“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,” he added.

Lootah said: “The CCCP 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 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. – TradeArabia News Service




Tags: Rera | Dubai Land Department | CCCP |

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