It will have control over “sector advancement and licensing.”
In the midst of the UAE’s real estate boom, the emirate of Umm Al Qaiwain has approved a law that essentially establishes a real estate regulator.
According to state news agency Wam, the Real Estate Foundation, the new government organization, would be led by its own chief executive officer and have “independent legal personality.”
It will also have the power to create real estate laws and regulations in addition to “advancing and licensing the sector,” the article stated.
The foundation will address the “urgent need” to restructure Umm Al Qaiwain’s local real estate market in order to take advantage of expanding prospects in the market for residential, commercial, and industrial property.
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