Majid Saqer Al Marri, CEO of the Registration and Real Estate Services sector at DLD, said: “The real estate initiative will deliver multiple benefits to investors. Moreover, it will promote the Dubai real estate market on par with international standards, enhancing governance, transparency, and efficiency in the sector. We are confident that this initiative will boost the market’s appeal among investors and elevate the Emirate’s position as an attractive destination within the region for all nature of real estate-related transactions. We hope this initiative also improves Dubai’s ranking as a great place to do business.”
Mohammed Kawasmi, Partner - Real Estate, Al Tamimi & Company, said: “This is a great initiative from DLD, and we are delighted to support and provide services in line with this initiative for the benefit of all interested parties in Dubai’s real estate market. This initiative will certainly help place Dubai on the path to wider success by augmenting efficiencies and transparency, in line with the expectations of international investors, resulting in superior service quality.”
Al Tamimi confirmed that the launch of this initiative will enable it to offer additional services to property owners and investors. In particular, the initiative is designed to:
1. Facilitate due diligence - The initiative will permit certain licensed law firms to remotely access DLD’s registers online and access information relevant to an investment or transaction. This is to provide greater certainty and transparency when making an informed investment decision.
2. Simplify the documentation and reporting process - Many corporate investors have complex ownership structures and as a result, complex corporate documentation, which is difficult to translate and attest in Arabic and often viewed as a time-consuming process. However, producing such detailed documentation is a prerequisite for the completion of any real estate transaction. The licensed law firm will be able to support its clients and fast-track this process by preparing a report that certifies the ownership structure.
3. Escrow Agent - The certified law firm will be able to provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase funds.
Tara Marlow, Partner and Head of Real Estate, Hotels & Leisure of Al Tamimi, added: “We are extremely proud to be working together with DLD to bring this initiative to fruition and to be the law firm leading the way in supporting Dubai and the growth of foreign investment in the Emirate and its real estate market.”
About Dubai Land Department:
Dubai Land Department (DLD) was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.
DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include real estate registration services, real estate investment promotions, and corporate support, and with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
Unified Toll Free Number:
In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number . This can be used for all Dubai Land Department and Rental Disputes Centre enquiries.
About Al Tamimi & Company
Al Tamimi & Company is the largest law firm in the Middle East with 17 offices across nine countries. The firm has unrivalled experience, having operated in the region for over 25 years. Our lawyers combine international experience and qualifications with expert regional knowledge and understanding. We are a full-service firm, specialising in advising and supporting major international corporations, banks and financial institutions, government organisations and local, regional and international companies. Our main areas of expertise include arbitration & litigation, banking & finance, corporate & commercial, intellectual property, real estate, construction & infrastructure, and technology, media & telecommunications. Our lawyers provide quality legal advice and support to clients across all of our practice areas. Our business and regional footprint continues to grow, and we seek to expand further in line with our commitment to meet the needs of clients doing business across the Middle East.
For more information, please visit www.tamimi.com. Follow us on Twitter @altamimicompany and LinkedIn.
© Press Release 2019