Dubai: The emirate's Real Estate Regulatory Authority (Rera) plans to go global and become an international real estate reference point with the acronym, Menares, officials announced on Sunday.
Menares stands for the Middle East and North Africa Real Estate Society and has already become part of several international property bodies.
"We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally," Mahmoud Al Burai, director of the real estate sector development department at Rera, said.
Rera recently became a member of five organisations responsible for regulating real estate affairs around the world. These include the International Real Estate Federation (FIABCI), the World Association of Valuation Organisation (Wavo), the Royal Institute of Chartered Surveyors (RICS), the Asian Public Real Estate Association (Aprea) and the Urban Land Institute (Uli).
Al Burai said Rera's plans were in line with His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai's vision to become a leading, global Arab city.
While Menares will be a reference body only, rather than a regulatory one, Al Burai said the authority would be "happy to assist" any country in the region with their own property regulation framework.
"Everyone is looking at Dubai. Everyone is looking at Rera as the reference," Al Burai said.
The aim of Menares is to encourage real estate education, professionalism and real estate practices.
The exact details of the collaboration with the other organisations are still being discussed.