Agreement to improve the legislative environment for the real estate assets of real estate assets

The Dubai Land and Property Department and the Dubai Authority to regulate virtual assets signed a cooperation agreement, regarding the consolidation of Dubai’s world status as a pioneering destination for investment and innovation in the real estate sector, improving the legislative and regulatory environment for real estate assets related to real estate assets, within the framework of the strategic directions of the UAE, and the vision of rational leadership to enhance Dubai’s position as a global center for innovation and investment.

A statement yesterday stated that the agreement, which is the first of its kind in the world in linking the real estate registry to real estate coding, through a governance system that increases the liquidity of the real estate market, and raises the efficiency of real estate management companies, comes in the wake of the launch of the “Dubai Lands” the experimental phase of the “real estate coding project”, one of the projects under the umbrella of the “Reese Real Estate Innovation Initiative”.

The agreement aims to enhance legislation and regulations that keep pace with future developments, in a way that contributes to ensuring investor rights, and compliance with the changes in the investment and real estate scene in Dubai. It also focuses on increasing and attracting investments to the sector, by enabling small investors to enter the real estate market in Dubai, which opens the way for a broader segment of investors to take advantage of investment opportunities in the emirate.

This cooperation comes in line with Dubai’s keenness to consolidate an advanced investment environment, ensure organizational compliance, and protect investor rights within the scope of the jurisdiction of the Dubai Land Department, in cooperation with the Dubai Authority to regulate virtual assets.

The Director General of the Dubai Economy and Tourism Department, Hilal Al -Marri, said: “The real estate sector is in addition to the virtual assets sector two heads of the Dubai Economic Agency D33, and through this cooperation the department and the authority to organize virtual assets will lay the solid foundations of a sophisticated real estate model in the economy of the future based on decentralization.”

He continued: «The agreement aims to consolidate a future model that allows more comprehensive economic participation, while providing legal frameworks that guarantee recognition of partial property rights. In addition to enhancing the integrity and transparency of the market, enhancing an advanced organizational framework opens sustainable horizons for the growth of gross domestic product, especially by employing virtual assets across the various sectors related to real assets.

In turn, the Director General of the Dubai Land Department, Eng. Marwan Ahmed bin Ghalita, stressed that the agreement represents a strategic step towards enabling the real estate sector to benefit from technological developments.

He said: «This agreement embodies Dubai’s ambitious vision to enhance its position as one of the most prominent innovative real estate markets in the world. Our partnership is consistent with the Dubai Authority to regulate virtual assets with the goals of the Dubai Real Estate Sector Strategy 2033 and Dubai Economic Agency D33, which enhances the global leadership of Dubai in one of the most important vital sectors ».