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New rules to target Dubai's timeshare industry
- United Arab Emirates: Tuesday, October 07 - 2008 at 16:02
Dubai will soon enact 'responsible' legislation regulating the timeshare industry in the emirate that will bring greater credibility to the market and benefit both consumers and operators, said an expert today at the Cityscape conference. The new rules will focus on three areas, said Dale Young, Vice President and General Manager of Marriott Vacation Club Middle East. Consumers will have the right to cancel their timeshare purchase within 10 days after the date of execution without penalty. Companies will also be required to provide a detailed disclosure statement that describes all of the features, amenities, and rules of operation of the timeshare. In addition, any monies paid to the operator must be kept in escrow by a third party.
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Jeff Florian, Senior ReporterTuesday, October 07 - 2008 at 16:02 UAE local time (GMT+4)
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