LAND REGULATION

The Real Estate Regulatory Authority (RERA), part of the Dubai Land Department is a nodal agency that formulates, regulates, manages and licenses various real estates related activities in Dubai. RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.

ACW Holdings is pleased to announce that it has registered with RERA under Law No. 8 of 2007 as a Property Developer and activities include real estate development and related services encompassing real estate agency and interior design.

Law No. 8 of 2007 is commonly referred to as the ‘Escrow Law’ and was established to provide legislative protection to purchasers in off-plan transactions. In general, the Law seeks to introduce a regime of registration, licensing and regulation for all developers undertaking property development activities in the Emirate of Dubai.

The Law also requires that all funds involved in the sale / purchase of off-plan properties is managed through an escrow account which will in turn be run by banks and financial institutions approved by the Dubai Land Department, making the off-plan real-estate market transparent, uniform and secure.