Al Tamimi & Company hosts RERA seminar as part of market awareness campaign
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The seminar focused on the real effects the new Law will have on developers, real estate investors, brokers and banks is a part of a collaborative market awareness campaign. The event was attended by Marwan Bin Ghalita, CEO of RERA, Lisa Dale Partner and Head of Al Tamimi & Company’s Property division, Husam Hourani Partner and Head of Al Tamimi & Company’s Banking & Finance department and over 160 real estate and banking professionals. Delegates were urged by Al Tamimi & Company and RERA to ascertain first and foremost how the new Law affects them and the appropriate registration measures required by Dubai Land Department to avoid non-compliance with the Law, which attracts a penalty of imprisonment and/or a fine of not less than AED100,000. Bin Ghalita described the ramifications of the Law and the reasons behind the Government of Dubai’s decision to enact the Law at this time. ‘Our objective is to solidify the real estate sector’s foundations in terms of rules and regulations while at the same time keeping it attractive to local, regional and international investors.’ He went on to highlight RERA’s main responsibilities within a framework of eight specific areas: licensing all real estate activities, managing developers’ trust account, licensing and organizing real estate agents, regulating and authenticating rental agreements, regulating and supervising owners’ associations, regulating real estate related media advertising, regulating and licensing real estate related exhibitions, publishing and circulating official sector research and studies, enhancing national participation in the real estate sector and increasing real estate awareness. |