DLD launches new ‘Real Estate Lawyer’ initiative
DUBAI, July 13, 2019
Dubai Land Department (DLD) has announced the launch of a new initiative, ‘Real Estate Lawyer’, in partnership with Al Tamimi & Company.
The agreement outlining the details of the initiative was drafted to facilitate growth in the real estate market by providing greater support for real estate investors and encouraging further foreign investor participation in the emirate, said a statement from DLD.
DLD’s real estate initiative is designed to increase transparency, streamline real estate transaction processes, reduce transaction time, and facilitate strategic partnerships between public and private sectors.
The intention, as a result, is to propel further growth and investment into Dubai and the emirate’s real estate market, the statement added.
DLD director general Sultan Butti bin Mejren said: "Dubai is embarking on ambitious strategies to encourage real estate investment, beyond the expectations of global investors, to make Dubai the ideal choice."
Facilitating and streamlining procedures is an important incentive to attract investors, he stated.
"We will continue to work with our partners from the public and private sectors to facilitate investment in Dubai real estate and launch more incentive initiatives while adopting the best innovations to ensure that real estate transactions are carried out with ease," he added.
Majid Saqer Al Marri, CEO of the Registration and Real Estate Services sector at DLD, said: "The real estate initiative will deliver multiple benefits to investors. Moreover, it will promote the Dubai real estate market on par with international standards, enhancing governance, transparency, and efficiency in the sector."
"We are confident that this initiative will boost the market’s appeal among investors and elevate the emirate’s position as an attractive destination within the region for all nature of real estate-related transactions. We hope this initiative also improves Dubai’s ranking as a great place to do business," he stated.
Mohammed Kawasmi, partner - real estate, Al Tamimi & Company, said: "This is a great initiative from DLD, and we are delighted to support and provide services in line with this initiative for the benefit of all interested parties in Dubai’s real estate market."
"This initiative will certainly help place Dubai on the path to wider success by augmenting efficiencies and transparency, in line with the expectations of international investors, resulting in superior service quality," stated Kawasmi.
Al Tamimi confirmed that the launch of this initiative will enable it to offer additional services to property owners and investors. In particular, the initiative is designed to:
Facilitate due diligence - The initiative will permit certain licensed law firms to remotely access DLD’s registers online and access information relevant to an investment or transaction. This is to provide greater certainty and transparency when making an informed investment decision.
Simplify the documentation and reporting process - Many corporate investors have complex ownership structures and as a result, complex corporate documentation, which is difficult to translate and attest in Arabic and often viewed as a time-consuming process.
However, producing such detailed documentation is a prerequisite for the completion of any real estate transaction. The licensed law firm will be able to support its clients and fast-track this process by preparing a report that certifies the ownership structure.
Serve as escrow agent - The certified law firm will be able to provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase funds.
Tara Marlow, partner and head of real estate, hotels and leisure of Al Tamimi, said it was the first law firm to partner with DLD on this important initiative.
“We are extremely proud to be working together with DLD to bring this initiative to fruition and to be the law firm leading the way in supporting Dubai and the growth of foreign investment in the emirate and its real estate market,” he added-TradeArabia News Service
