DED and RERA sign agreement to support services for real estate sector |
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Dubai, August 9, 2008: The Dubai Department of Economic Development (DED)Dubai Department of Economic Development (DED)
and Dubai's Real Estate Regulatory Authority (Rera)Real Estate Regulatory Authority (Rera) recently signed a partnership agreement to enhance the quality of support services offered to real estate investors and customers. As per the agreement, RERARERA will use the license and business registration system applied by the DEDDED for issuing licenses related to real estate activities. This is aimed at easing licensing procedures related to real estate activities and enhancing the overall performance of Dubai's real estate sector.
Khalid Al Kassim, Deputy Director General for Planning and Development at DEDDED, and Marwan Bin Ghalaita, CEO, RERARERA, signed the agreement. Officials from DEDDED and RERARERA attended the signing ceremony held recently at DEDDED headquarters in Deira.
"The agreement comes in line with DEDDED's strategic objective to constantly review existing procedures to simplify rules and regulations. The business registration system at DEDDED has been thoroughly streamlined and made more user-friendly. Investors can now set up businesses with the minimum of procedures and paperwork, and DEDDED will assist them by co-ordinating with other government departments and authorities," said Al Kassim.
"Through the agreement with RERARERA, we are reiterating our commitment to work together on initiatives that support the development and progress of the real estate sector in Dubai, which plays a vital role in the economic growth of the emirate," added Al Kassim.
Marwan Bin Ghalaita said: "RERARERA will set the basics of licensing for real estate activities and implement procedures to speed up the issuance of licenses for such activities. Through the agreement with DEDDED, we will share best practices and experiences, and explore mutually beneficial opportunities, which will enhance the quality of support services offered to real estate investors and customers. Our joint initiative will further complement the sustained progress witnessed by the real estate sector".
"Business owners with old licenses can correct their status according to the new laws. RERARERA is keen to launch new real estate activities that comply with international real estate licensing criteria, " added Bin Ghalita.
The real estate activities include real estate development, consultations, brokerage in buying, selling and renting, rental services, buying land and real estate, organizing public auctions, timeshare residential units rental services, timeshare residential units rental brokerage, real estate pricing services and all related real estate future activities.
-Ends-
About Department of Economic Development (DEDDED):
The Department of Economic Development (DEDDED) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai. The DEDDED has moulded its mission of building a futuristic establishment, in accordance with the vision of the Government of Dubai and in the light of globalisation and the requirements of a digital economy. One of its key functions is to encourage local and foreign investments in commercial and industrial projects, and create the appropriate environment for investors.
The DEDDED's other functions comprise a wide range of regulatory activities including the preparation and maintenance of a commercial register and the supervision of all organisations. The DEDDED is responsible for regulating the affairs of commercial agents and brokers and commercial advertising offices, in addition to overseeing and controlling the insurance industry in the Emirate. Examining the participation of the government in the private sector and representing the government in companies where it has a stake, also comes under the purview of the DEDDED.
For further information, please contact:
Nafisa Marzouki/ Nedal Alasaad
ASDA'A Public Relations
P O Box 28063, Dubai, UAE
Email: n.marzouki@asdaa.com, n.alasaad@asdaa.com
© Press Release 2008
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