An official from the Department of Land and Properties has been appointed as the chief executive of Dubai's new real estate regulator, set up last week to oversee policies, regulation and registration within the industry.
Shaikh Hamdan bin Mohammad Bin Rashid Al Maktoum, chairman of the Dubai Executive Council, on Saturday handed Marwan Bin Ghelaita the job of heading up the Real Estate Regulatory Authority (RERA), where he will be responsible for the managing the industry in accordance with the Dubai Strategic Plan 2015, which places a lot of emphasis on industry as one of the major drivers of the emirate's economy.
Prior to his appointment, Bin Ghelaita served as the acting director of technical affairs and customer service at the Department of Land and Properties.
"The establishment of the agency aims to develop the Real Estate sector in line with the Dubai Strategy Plan 2015, especially since this sector is seen as one of the strongest sectors in Dubai and a major element in determining its competitive advantages," Bin Ghelaita said in a statement.
"We will embark on reviewing and updating current laws and regulations and suggesting new regulatory frameworks to protect the interests of all concerned."
As CEO, Bin Ghelaita will submit a strategic business plan to the Council. He will also be responsible for implementing decisions from the Dubai Executive Council, the Emirate's supreme governmental body, as well as proposing initiatives and projects related to the agency's activities.
The agency was established in Dubai last week at the directive of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
It will be responsible for four key aspects of the real estate sector which include policies and strategies, regulation and registration, research and studies as well as programmes and projects.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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