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FINANCIAL NEWS
Dubai launches new real estate charter
05 Oct 2011
(MENAFN) The Dubai Land Department (DLD) announced the launch of a draft of the world’s first governance charter for real estate developers – aimed at improving transparency in the sector.
The draft document, launched with the blessing of ruler Sheikh Mohammed bin Rashid Al Maktoum, will be implemented in 2013.
The charter is part of nine initiatives launched by DLD to stimulate the emirate’s affected property market, and will focus on seven standards, including requiring companies to disclose details regarding the size of their projects, progress, contracts and market sales.
Real estate companies will be educated about what the charter means, over the next three months, and the staff training will continue throughout 2012, during which real estate firms will be given time to make necessary changes to their operations to fit with new regulations.
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