The Dubai Department of Economic Development (DED) and Dubai’s 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, RERA will use the license and business registration system applied by the DED 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 DED, and Marwan Bin Ghalaita, CEO, RERA, signed the agreement. Officials from DED and RERA attended the signing ceremony held recently at DED headquarters in Deira.
“The agreement comes in line with DED’s strategic objective to constantly review existing procedures to simplify rules and regulations. The business registration system at DED has been thoroughly streamlined and made more user-friendly. Investors can now set up businesses with the minimum of procedures and paperwork, and DED will assist them by co-ordinating with other government departments and authoritie,” said Al Kassim.
“Through the agreement with RERA, 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: “RERA 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 DED, 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. RERA 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.