DUBAI 14 March 2018: A memorandum of understanding (MoU) that focuses on establishing a mechanism for monitoring and inspecting real estate facilities, has been signed by Dubai Land Department (DLD) with the Department of Economic Development (DED) in Dubai through the Real Estate Regulatory Authority (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 memorandum authorises CCCP to carry out field inspections of real estate companies.
The MoU was signed by Marwan Ahmed bin Ghalita, CEO of Rera, and Mohammed Ali Rashid Lootah, CEO of CCCP, and in the presence of Sultan Butti bin Mejren, Director General of DLD, and Sami Al Qamzi, Director General of DED.
Bin Ghalita said the agreement supports DLD 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 said: “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.”
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.