The Dubai government has unveiled plans to enshrine in law rules governing foreign freehold ownership of property, it emerged last week.
Speaking to Gulf News, deputy director general of the Dubai Chamber of Commerce and Industry (DCCI), Ahmed Abdul Rahman Al Banna explained that:
"At present there is no federal law to govern foreign freehold ownership of property in Dubai," although he added that as an internim measure "major property developers have got together to offer guarantees to investors on freehold ownership, which has been endorsed by the Dubai government."
The DCCI deputy director general went on to announce that:
"As part of our commitment to regulate the real estate sector, the Dubai government will issue a new property law which will address some of the key issues including legalising foreign freehold ownership of properties."
However, according to Gulf News, he declined to give a time frame for the issuance of the new law.
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