Realty Laws by Early Next Year in Abu Dhabi

According to a legal expert, Realty laws in Abu Dhabi like those dealing with escrow accounts, brokers, strata title and mortgages is expected to be executed by near the beginning of next year.

David Nunn, Partner of Simmons and Simmons stated, “Currently, the Department of Municipal Affairs has confirmed the real estate laws are under consideration and so we can assume that they are in draft phase. I am not aware that the planning and the building regulations law have yet been drafted although I believe that the underlying regulations have been worked out,"

As per Emirates Business reports of December last year, five draft laws have been concluded to manage the realty sector in Abu Dhabi. The laws will set regulations for real estate developers, contractors and brokers. In addition to it the rules will also check the off-plan sales, licensing of high-rise residential towers and property registration.

"I anticipate all these new laws although there was scope under the existing law 19 of 2005 to introduce regulations dealing with some of these matters," he said.

The new laws will be imposable once they are published in the Gazette, Nunn said. "I am confident the new laws will be more sophisticated than any real estate laws we have in the region.”

Construction Work Starts At Dubai Pearl

Al Habtoor STFA Soil Group (HSSG) announced the beginning of construction work on Dubai Pearl. This property in Dubai is a worth Dh 15 billion integrated development. Al Habtoor Leighton Group has taken the main construction work. In the end of 2008 this Dubai real estate firm was awarded the contract.

There are several provisions made by the developer in constructing this property following the norms of global green building standards. There are essential provisions made to conserve and optimize power while constructing the property. In the construction process steel trusses, strong concrete and hollow core slabs would be used. Complying with Leed Gold Certification, the developer would use the recycled material from the already demolished properties. Dubai Pearl construction would begin with 200 workers. However, once the construction is in full swing the number of workers required is expected to reach 8000.

Santhosh Joseph, President and Chief Executive Officer of Pearl Dubai FZ LLC said, "We believe we have selected the right partners to create this iconic development and shape it into a world-class destination."

David Savage, Managing Director of the Al Habtoor Leighton Group, commented saying, "We have been involved with Dubai Pearl from the beginning of its construction, and will continue to ensure that excellence in quality and safety goes hand-in-hand with the use of the best technology on the project."

This project is located in the TECOM development which also has Knowledge Village, Dubai Media and Internet City. Also, Dubai Pearl overlooks the stunning Palm Jumeirah and The World.