Dubai Land Department has announced plans for a real estate arbitration centre in the emirate to resolved property disputes.
The Dubai Real Estate Arbitration Centre, launched on the sidelines of Cityscape Global, will work to impartially resolve property disputes and will hire internationally recognised real estate arbitrators, a statement said.
A draft law to establish the centre has been sent to the Executive Committee for approval.
Sultan Butti bin Mejren, director general of the Land Department, said: "Dubai real estate market has become one of the most developed and sophisticated markets due to the large number of dealers and clients.
"Now, there is an urgent need to establish a centre to settle real estate disputes in a smooth and fast manner.
"Real estate arbitration is the quickest way to resolve such conflicts in the world."
He added that the new initiative would "enhance mutual trust" between the concerned parties in the real estate market, and would provide legal advice in terms real estate arbitration.
The centre will also ease the burden on the courts and will aim to settle disputes "quickly and reduce the cost of lawyers and legal advisers".
Ahmed bin Hazim, director general of Dubai Courts, added: "Dubai Courts appreciates the efforts of Land Department in resolving disputes in alternative means and providing a quick mechanism to resolve disputes."
The Royal Institution of Chartered Surveyors (RICS) said over the last two years it has been working closely with major organisations in the sector to establish the centre.
RICS has trained and accredited a panel of more than 40 internationally qualified mediators, arbitrators and adjudicators available to provide dispute resolution services in the region.
In May, consultants EC Harris said the average value of disputes in the Middle East construction industry more than doubled in 2011.
While the average value of disputes fell around the world, the Middle East bucked the trend, with disputes having an average value of $112.5m, compared to $56.25m in 2010.
EC Harris found that construction disputes in the Middle East lasted, on average, nine months in 2011, compared to 8.25 months the previous year.For all the latest business 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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