DLD & BSA launch joint initiative to promote investment
Dubai Land Department (DLD) and BSA Ahmad Bin Hezeem & Associates (BSA) have subscribed to the Real Estate Lawyer (REL) initiative launched to streamline Dubai's real estate sector processes.
A memorandum of understanding (MoU) between DLD and BSA was signed 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.
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."
Dr Ahmad bin Hezeem, senior partner, BSA, said: "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. It's a pleasure to once again be joining forces with DLD in support of the work we have been doing over the past 20 years reinforce our clients' investment interests in Dubai's real estate sector. In essence, the enhanced investment framework proposed by the REL will simplify the processes for clients."
Majid Saqer Al Marri, CEO of the Registration and Real Estate Services Sector at DLD, said: "Our MoU with BSA is another step on our journey to ensuring the comfort and happiness of our customers through streamlining the processes of Dubai's real estate sector. We will remain vigilant and progress upon our path of helping achieve objectives and keeping pace with developments in the field of registration and real estate services."
The 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, and family matters.