Al Manal Development, one of the region’s leading property developers, sponsored and participated in this year’s MONEYworks UAE Property Regulation Summit.
Al Manal Development Chairman Mr Juma Al Ghurair addressed those gathered for the Summit, which took place yesterday at the Shangri La Hotel in Dubai.
In his speech, Al Ghurair talked about the importance of laws and regulation for the real estate market in Dubai.
He also gave his opinion as a property developer about what he and Al Manal Development see as positive initiatives made in the sector, and commented on what he feels still needs to be addressed.
“Last year, Dubai saw the completion of 2,159 separate construction projects… which makes Dubai one of the fastest growing cities in the world. We need offices and homes, schools and shopping malls to support this influx,” Al Ghurair said in his speech.
“So right now, amongst all this development and enterprise was the right time for the Dubai Land Department, and the Real Estate Regulatory Agency (RERA), to introduce their new regulatory laws and implement the escrow laws into the city.”
Al Ghurair went on to say that his concern “relates to the various fees and charges that the investors have to pay when buying freehold property from the secondary market – 2 percent charges are paid to the broker, developer and the land department unlike the 1 percent that is paid to the broker and land department when buying a non freehold property. This needs to be addressed and I’d also like to see regulations put in place to clearly define the developers payment plans, where I feel they should match the project progress so investors can identify where their money is going and can calculate the return on their investment more accurately”.
The Summit was by invite only and provided an opportunity for industry leaders to meet and develop business relationships.
Talking after the event, Al Ghurair said that Al Manal decided to get involved because MONEYworks Summits provide a unique platform for the senior leaders of regional business to gather in a closed door environment.
“Here we are able to debate the issues affecting key areas of business and work toward fixing anything we feel needs to be addressed.”
“This year’s summit is of special importance to us at Al Manal because of the recent developments of the Land Department and the Real Estate Regulatory Agency, who have introduced their new regulatory laws and implemented the escrow laws into the city, leaving a huge and positive effect on the entire sector.”
The outcomes of the summit will be compiled in a high level research report to be published and distributed with the following month’s copy of MONEYworks and MONEYworks Al Arabiya Magazines.
Just over 30,000 research documents will be published following the Summit, which will be distributed across the GCC.
Those in attendance represent interest as diverse as RERA, Nakheel, Emaar, Union Properties, Credit Suisse, Strata Global, Lloyds TSB and others.
This year, Al Manal will see the completion of their flagship project, the Lakeside Residence in Jumeirah Lake Towers and construction is well underway on their recently launched La Vista residence in Dubai Silicon Oasis.