DUBAI 5 July 2017: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree No. 24 of 2017 on establishing the Board of Directors of the Dubai Real Estate Corporation, DREC, headed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.
The board is comprised of Hisham Abdullah Al Qassim as Vice-President, Sami Ahmed Al Qamzi, Abdullah Ahmed Al Habai, Mohammed Hamad Obaid Al Shehhi, Rashid Mohammed Al Mutawa, Sha’ib Mir Hashim Khoury and Mohammad Hadi Ahmed Al Husseini for a period of three years, renewable.
The Decree is valid from 18th June 2017 and shall be published in the Official Gazette.
Ajman reorganises real estate offices
AJMAN: H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued Emiri Decree No. 12 of 2017 pertaining to the reorganisation of real estate offices and the supervision of their working mechanisms to ensure that they keep abreast of the urban development witnessed by the emirate.
The Decree, which includes 24 articles, stipulates the classification of real estate functions that may be exercised by real estate brokers within the Emirate of Ajman under the provisions provided within the Decree. These include real estate inspection and valuation services, the buying and selling of properties by the broker, real estate leasing and management activities, mortgage broker functions, field training, representation offices, auctions, exhibitions, and registration processes with the Land and Properties Department in Ajman.
The Decree also details information on the issuance of real estate business licenses, whereby persons are prohibited from carrying out any real estate activity unless the organisation is licensed by the Ajman Department of Economic Development, Ajman DED, and is also registered with the Land and Properties Department.
According to the Decree, the Ajman DED may not issue a new license, or renew or modify a valid license for a real estate office to engage in any real estate activity, unless the applicant fulfils a set of conditions, most important of which is that individuals pursuing licenses must be UAE citizens or GCC nationals, or are representatives who have been licensed by the DED to engage in real estate activities within the Emirate of Ajman, and are accountable to official bodies for the management of the real estate office concerned.
The Emiri Decree shall be published in the Official Gazette of the Emirate of Ajman and shall be circulated among concerned parties and authorities to follow its provisions.
By Rajive Singh