UAE Real Estate / Property LawLaw No. (16) of 2007 Establishing the Real Estate Regulatory Agency

Article (2) The following words and expressions will have the meaning indicated opposite each of them unless the context implies otherwise: Ruler: His Highness the Ruler of Dubai. Emirate: The Emirate of Dubai. Government: The Government of Dubai. Executive Council: The Executive Council of the Emirate. RERA: The Real Estate Regulatory Agency. CEO: The chief executive officer of RERA. Department: The Land Department. Owners Association: The association formed by the owners of real property units including apartments, floors, or parcels of land in jointly owned real property. ©2015 The Supreme Legislation Committee in the Emirate of Dubai 1 Every effort has b een made to produce an accurate and complete English version of this legislation. However, for the purpose of its interpretation and application, reference must b e made to the original Arabic text. In case of conflict, the Arab ic text will prevail.

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Law No. (16 ) of 2007 Establishing the Real Estate Regulatory Agency Page 2 of 4

Article (5) The objective of RERA is to regulate the real estate sector in the Emirate by contributing to the preparation of strategies related to this sector and to the development and implementation of the required action plans, including to: 1. propose the legislation required to regulate the work of real estate brokerages and Owners Associations; 2. issue the regulatory bylaws related to training and certification of real estate brokerages; 3. license all types of activities relating to the business of RERA, including the activities of real estate development in the Emirate; 4. accredit financial institutions that are qualified to manage real estate development escrow accounts in accordance with the relevant legislation; 5. license and regulate real estate brokerages and monitor and supervise their activities; 6. license and regulate companies and corporations engaged in the management of real properties and residential compounds and monitor and supervise their activities; 7. register and legalise tenancy contracts for various types of real property units in the Emirate in accordance with the relevant legislation; 8. monitor and supervise the activities of Owners Associations and audit their accounts and records; 9. monitor real estate advertisements published in various media outlets operating in the Emirate including in free zones; 10. provide support and advice to clients on the principles of valuation of buildings in accordance with the latest relevant approved standards; 11. issue statistical reports and specialised research and studies on the real estate market, including preparation of bulletins and information that support such studies and contributing to raising awareness about the real estate market in the Emirate;

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Law No. (16 ) of 2007 Establishing the Real Estate Regulatory Agency Page 3 of 4 12. prepare and implement programmes and projects that contribute to promoting the role of UAE nationals in the real estate sector and encourage them to work in this sector; and 13. develop and implement educational and awareness programmes on the rights and duties of parties involved in the real estate sector.

Article (7) The CEO will undertake the overall supervision of the business and activities of RERA and will represent it before third parties. This will include without limitation: 1. setting the strategic plan and action plans of RERA and submitting them to the Executive Council for approval; 2. implementing the general policy approved by the Executive Council and the resolutions it issues in this regard; 3. proposing initiatives, programmes, and projects which are relevant to the business and activities of RERA; 4. proposing the organisational structure and financial, administrative, and technical bylaws regulating work within RERA and submitting them to the Executive Council for approval; 5. supervising the activities of the executive body of RERA and appointing RERA employees; 6. preparing the annual budget of RERA and submitting it to the Executive Council for approval; and 7. exercising any other powers vested in him by the Executive Council or by any resolution issued pursuant to this Law.