GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Bin Ghalita: The memorandum consolidates cooperation between government institutions and strengthens confidence in Dubai's real estate market

Lootah: We are keen to provide an appropriate economic environment for competitive economic activity in Dubai

Dubai, United Arab Emirates, 13th March 2018:  In line with its commitment to integrating government agencies and harnessing all expertise to enhance trust among real estate investors, the Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with the Department of Economic Development (DED) in Dubai through the Real Estate Regulatory Authority (RERA), DLD's regulatory arm.

The MoU focuses on establishing a mechanism for monitoring and inspecting real estate facilities licensed by RERA.

Under the agreement, the Commercial Compliance & 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 His Excellency Marwan Ahmed bin Ghalita, CEO of RERA, and Mohammed Ali Rashid Lootah, CEO of CCCP, and in the presence of His Excellency Sultan Butti bin Mejren, Director General of DLD, and His Excellency Sami Al Qamzi, Director General of DED.

His Excellency Engineer Marwan Ahmed bin Ghalita said:

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

Bin Ghalita added: “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.”

Mohammed Ali Rashid Lootah commented: “The Commercial Compliance & Consumer Protection 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 the 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.



Posted by : GoDubai Editorial Team
Viewed 7881 times
Posted on : Tuesday, March 13, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : ADNEC reveals completion of preparations and readiness to host Special Olympics IX MENA Games Abu Dh...
Next Story : Ministry of community development launches a number of initiatives and events during the UAE Month o...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign
Flaunt your gravity-defying hairstyles to become the face of our brand
Linda Meredith Luxury Skincare Now at Coya Spa, Mirdif
City of gold celebrates the joy of new year with amazing wins this Dubai Shoppin...
Facial Peels – What Are They?
St. Valentine's Day
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Corum Heritage Eleganza- A luxury feminine piece
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Morison Menon strategically integrates with Kreston International and rebrands ...
Rolls-Royce Motor Cars Achieves Historic Business Record
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
19 reasons to fly with British Airways in 2019
Joyalukkas Shopper wins BMW Car in the ongoing DSF Mega Promotion
Malabar Gold DSF Winner Photo for Release - Babul Hussain
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Longchamp Spring/summer 2019 Show
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Always take the front row with this 7.2” supersized smartphone screen
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Smart City Services at Silicon Park Reach Advanced Level of Completion
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Introducing Burberry Bespoke Fragrances
Al Wahda Mall thrilled to announce launch of new outlets
UAE tap water is safe to drink – just keep storage tanks clean
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Cadillac announces Middle East arrival of the 2019 ATS model
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
Always Breaks the Guinness World Record for a Cause
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success