New law on Dubai's RERA
The new law will be published in the Official Gazette and will come into force on the day on which it is published
A new law has been issued pertaining to Dubai's Real Estate Regulatory Agency (RERA).
The new law includes restructuring the legal provisions of the agency. According to the new law, the objectives of RERA include contributing to the development of Dubai's real estate sector within an integrated system of regulatory and monetary procedures and enhancing the sector's contribution to Dubai's economy.
Furthermore, RERA will work to provide a secure environment for real estate projects in order to protect the rights of developers and investors, implement new projects and programmes that enable them to explore new real estate opportunities and promote professional and ethical standards in the industry.
Pursuant to this law, RERA will be responsible for regulating and overseeing real estate development escrow accounts, accrediting financial institutions that are qualified to manage real estate development escrow accounts, and approving regulations that govern development, brokerage and management of real estate including joint property.
RERA also monitors real estate advertisements published in media outlets in the emirate, develops and launches awareness programmes in collaboration with the Dubai Real Estate Institute to educate the public about their rights and responsibilities, and prepares and updates policies designed to balance supply and demand.
ABOUT THE AUTHOR
Ihab is an Italian attorney-at-law and expert in the aviation sector. He has been engaged in commercial and regulatory law practice for many years, with a focus on aviation.
He has an extensive experience in high-profile litigation, aircraft financing and leasing, aviation regulation, aircraft accident investigations and policy & business aviation issues.
During his career, he has been actively involved in a full range of legal matters arising in the aviation industry, including drafting aviation legislations, participating in major Privatization and Public–Private Partnership projects, delivering regulatory consultations & proceedings, handling general aviation and commercial issues including sale, purchase and lease of aircraft transactions, aircraft & air navigation services’ insurance and reinsurance, and other environment, security & safety issues.
Ihab has addressed numerous conferences on aviation law and aircraft financing & leasing in the Middle East, Europe and Canada, and published on a variety of issues, including commercial aviation developments, environmental regulation impacting the aviation sector and the Cape Town Convention and its Aircraft Protocol.
He is a member of ICAO’s Commission of Experts of the Supervisory Authority of the International Registry (CESAIR) for the purposes of the Cape Town Convention (CTC) and the Aircraft Protocol.