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DUBAI / WAM
Dubai Land Department (DLD), and BSA Ahmad Bin Hezeem & Associates LLP have subscribed to the Real Estate Lawyer (REL), an initiative launched to streamline Dubai’s real estate sector processes.
DLD and BSA signed a Memorandum of Understanding (MoU) to promote foreign and local investment opportunities in Dubai through an innovative framework that will boost transparency and streamline transaction processes for investors in the sector.
As part of the REL initiative, DLD is introducing several investment products to lift restrictions in the current real estate laws that will allow for more vigorous real estate investment in Dubai.
The new initiative will especially facilitate the purchase and sale of properties by corporate entities with ultimate foreign ownership, therefore opening up the market to more corporate investors.
Commenting on the new initiative, Sultan Butti bin Mejren, Director-General of DLD, said, “At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest and happiest city in the world. The MoU with BSA further supports our mission to consolidate and attract foreign and corporate real estate investments to Dubai. We are working to strengthen the real estate sector in the Emirate through such partnerships that ensure the ease and speed of regulatory and investment procedures.”
In turn, Dr. Ahmad bin Hezeem, Senior Partner at BSA, stated, “The overarching goal of this progressive initiative is to open up Dubai’s real estate market to more investors, increasing investment flows in the process. The REL initiative will provide a legal framework that streamlines and facilitates the process for investing capital in the city. This, in turn, will attract a wider range of investors and transactions.”
BSA plays a major role in supporting international, regional, and local real estate investors individuals, financial institutions, contractors, real estate brokers, or government bodies with their transactions, developments, and general investments.
This announcement comes after BSA’s previous collaboration with DLD to host ‘Legal Clinics,’ which provided the public with a six-hour window to access free advice from 25 expert lawyers, who specialise in areas as varied as real estate, construction, employment, compensation claims, criminal matters, debt recovery, tenancy disputes, inheritance.