The Dubai Department of Economic Development (DED) and Dubaiâ€™s Real Estate Regulatory Authority (RERA) have signed a co-operation agreement to facilitate all licensing procedures related to the real estate sector.
As per the agreement, DED will use its license and business registration system for issuing licenses related to real estate activities according to the procedures applied by RERA. Accordingly, RERA will train a number of DED staff on how to use the licensing procedures and the various requirements.
His Excellency Mr Sami Al Qamzi, Director General, DED, and Engineer Marwan Bin Ghalaita, CEO, RERA, signed the agreement. Officials from DED and RERA attended the signing ceremony held recently at DED headquarters in Deira
â€œThe cooperation agreement comes in line with DEDâ€™s strategic objective to support the development and progress of the real estate sector in Dubai, which plays a vital role in the economic growth of the emirate. DED and RERA will join hands to set a mechanism for issuing permits related to promoting real estate activities and thus enhance the quality of support services offered to real estate investors and customers,â€ said Al Qamzi.
Engineer Marwan Bin Ghalaita said: â€œThe agreement aligns with our growth objectives to activate a joint mechanism to systematize all operations related to licensing for real estate activities. RERA seeks to develop a unified organizational structure that supports the interests of real estate investors and customers.â€
The real estate activities covered include real estate development, consultation, 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 related future activities.
About Department of Economic Development (DED)
The Department of Economic Development (DED) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai. The DED 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 DEDâ€™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 DED 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 DED.