Mohammed bin Rashid issues new law on Dubai Real Estate Institute
DREI is authorised to grant certificates to real estate professionals, service providers
Dubai: In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (5) of 2020 pertaining to the Dubai Real Estate Institute (DREI).
The DREI was established pursuant to Law No. (13) of 2012 to develop the skills of professionals and enhance the competitiveness of the Dubai real estate sector, support the real estate community in sharing knowledge and promote innovation in the real estate market.
According to the new Law, DREI is authorised to grant qualification certificates to real estate professionals and service providers, offer consultation services to real estate training professionals, create teams of real estate experts to advice DREI and conduct studies, collaborate with local and international academic institutes to promote the dissemination of knowledge and create training programmes to promote the development of Dubai’s real estate sector.
Pursuant to the law, the executive body of DREI will be composed of a CEO and administration, finance and technical executives. The staff of DREI are subject to Law No. (8) of 2018 pertaining to the Management of the Government of Dubai’s Human Resources and all resolutions issued subsequently.
The CEO of DREI, who will be appointed by The Executive Council of Dubai, will have overall responsibility for developing DREI’s training programmes, strategic plans and organisational structure and submitting them to the Director General of the Dubai Land Department for approval. The DREI CEO is also responsible for developing internal rules and regulations.
Other responsibilities of the DREI CEO include developing DREI’s annual report; supervising the work of the DREI executive body; and proposing fees for training programmes to the Director General of the Dubai Land Department for approval.
The Chairman of The Executive Council of Dubai will issue all the bylaws required to ensure the implementation of this Law.
Law No. (5) of 2020 pertaining to the Dubai Real Estate Institute replaces Law No. (13) of 2012 on the Establishment of Dubai Real Estate Institute and annuls any other legislation that contradicts or challenges its articles. The new Law will be published in the Official Gazette and considered effective from the date of publication.