New property law first step towards fulfilling investor aspirations

Speaking at Dubai Property Group's (DPG) monthly networking event, this time analyzing the scope and ramifications of the recently issued Dubai Property Law No. (7) of 2006, Essam Al-Tamimi, senior partner of Al-Tamimi & Company Advocates and Legal Consultants, concluded that the new law is an encouraging first step towards a strong, transparent legal structure for the real estate industry.

United Arab Emirates: Tuesday, April 18 - 2006 at 13:04
PRESS RELEASE

Essam Al-Tamimi, senior partner of Al-Tamimi & Company Advocates and Legal Consultants.

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'The new Law, which comes into force on the date of its publication in the Official Gazette, has set out the basic legal foundations to match the progressive and increasingly dynamic property market in Dubai. For foreign property investors, we now just await the Ruler's approval of designated areas in Dubai where they are entitled to own property and then they can seek registration of their property titles at the Dubai Land Department. This is expected soon,' commented Al-Tamimi. 'As for GCC nationals, the new Law grants them the right to own property in any area of Dubai, giving them equal status to UAE nationals.'

The Law therefore does provide the appropriate legal framework but as this Law itself acknowledges, it is just a starting point and more regulation and legislation is required to meet the needs of a market that is rapidly growing in both size and complexity.

'Even in its current state, the Property Law will act as a stabilizing factor in the booming real estate sector in Dubai and will help investors to make more educated decisions when looking at investment options and methodologies,'

said Adel Lootah, Executive Director of Dubai Property Group. 'In this respect, DPG will act as a forum for real estate professionals to express their opinions and feedback with regard to the Law, and will raise these issues with the relevant authorities.'

Independent of favor or influence, DPG represents the combined interests of Dubai's real estate community. The Group's 110 members include some of the highest profile real estate players in Dubai, such as the Dubai Development Board, Cluttons chartered surveyors and property consultants, Arenco Real Estate, Union Properties PJSC, Better Homes LLC and facilities management firm, Asteco Property Management LLC.

Apart from the ongoing monthly 'Awareness and Networking' events - as part of its services to improve and grow member benefits and increase their business potential, DPG provides advertising opportunities through its website, newsletters and exclusive agreements with UAE based media, aimed at helping members reach larger and more diverse audiences - be they business related or the general public. The Group also regularly puts together training and educational packages and seminars.

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Notes and media contacts

About Al Tamimi & Company:
Al Tamimi & Company, originally established in 1989, is today one of the leading law firms in the Arabian Gulf region. It is the largest local, non-affiliated law firm in the United Arab Emirates with offices in the Emirates of Dubai, Abu Dhabi and Sharjah and associate offices in Doha and Baghdad.

Al Tamimi & Company specializes in Company/Commercial law, Litigation, Banking, Insurance, Maritime Law, Intellectual Property, Alternative Dispute Resolution, Arbitration.

An international team of high caliber lawyers ably serves clients from the United Kingdom, North America, Europe, the United Arab Emirates and several other Arab countries. Each member of our team of professionals and qualified administrative staff is fully committed to providing our clients with accurate, creative and cost effective advice.
We pride ourselves on our complete knowledge of the laws and regulations applicable to our home jurisdiction and the commercial community abroad. Within the U.A.E. we regularly confer with government ministries during the introduction of new legislation and the ongoing amendment of internal regulations, relying on long established contacts in all government departments.

The firm can assist multinational companies to establish operations in the U.A.E. independently, or in association with local partners. Both our local clients, many of whom have business interests outside the United Arab Emirates, and international companies, rely on our global perspective. We subscribe to the belief that the world of opportunity does not recognize national boundaries.

Al Tamimi & Company specializes in:
• Banking & Finance
• Corporate/Commercial
• Information Technology
• Intellectual Property
• Litigation, Arbitration & Alternative Dispute Resolution
• Maritime, Trade & Insurance
• Construction
• Property
• Communications & Media

About Dubai Property Group (DPG):
Dubai Property Group (DPG) is an association of professionals involved in the fast-growing real estate market in Dubai. The Group is made up of prestigious members involved in property development and management as well as real estate agents, brokers, financial institutions, media organizations and land owners.
Our Mission:
DPG was set forth with a mission to create an association of real estate professionals in Dubai for the purpose of developing strong inter-industry ties and energize business relationships through networking events, informative lectures and seminars and collaboration on industry issues that serve the benefit of all in the real estate industry.

For media requests, please contact:
Layth Dajani
The CONTENT Factory
P.O. Box 29764, Dubai - United Arab Emirates
Tel: +97143341880
Tel 2: +97143676534
Fax: +97184480574
Mobile: +971507145640

Posted by Anne-Birte Stensgaard, Senior News Editor
Tuesday, April 18 - 2006 at 13:04 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Tuesday, June 26 - 2007

Index : Company News : Dubai Property Services

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