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Dubai Forms a Committee for Real Estate Investment Funds

Dubai Forms a Committee for Real Estate Investment Funds

 

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council has issued Resolution No. 36 of 2024 (“Resolution”) on the Formation of a Committee for the Real Estate Investment Funds (“Committee”).

The Resolution provided that the provisions of Decree No. 1 of 2023 Regarding Governance of the Councils, Boards, and Committees Affiliated to the Government of Dubai and the decisions issued pursuant thereto shall apply to all affairs related to the governance of the work of this Committee, mechanism for holding its meetings, making its decisions and recommendations, confidentiality of information, as well as obligations and duties of its chairman, members, and the committee’s rapporteur.

According to the Resolution, the chairman of the Committee shall submit regular periodic reports to the Executive Council on the results of the Committee’s accomplished work.

The Resolution added that the Dubai Land Department (“DLD”) will provide administrative and technical support to the Committee to enable it to perform the powers assigned to it under Decree No. 22 of 2022 on Approving the Grant of Privileges to Real Estate Investment Funds in the Emirate of Dubai (“Decree”), as well as the decisions issued according to it and legislations in force in the Emirate of Dubai.

The Committee has the authority to routinely check that the fund continues to meet all the requirements outlined in the Decree, including those related to the value of the real estate assets owned by the fund. This verification is based on the annual financial reports audited by an external auditor and submitted to the entity responsible for licensing and regulating funds, in line with the applicable legislation.

The Resolution urges all the government authorities in Dubai to fully cooperate with the Committee, as well as its sub-committees and working teams emanating from it, and provide them with the information, documents, statistics, and studies they may require to empower it to perform the tasks and powers assigned to it under the Decree, decisions issued pursuant to it, and the legislations in force in the Emirate of Dubai.

The chairman of the Committee shall issue the decisions necessary to implement the provisions of this Resolution.


 

The author of this alert is Ibtisam Al Raisi.

Ibtisam is a qualified Emirati advocate with full rights of audience before all levels of the UAE Courts. She successfully represents clients in a wide range of complex matters including disputes, real estate, commercial, and employment matters.

 

For more information, contact her at:

Ibtisam Al-Raisi

Advocate

ibtsam.jaffar@galadarilaw.com