His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE in his capacity as the Ruler of the Emirate of Dubai has issued Law No. (11) of 2011 amending Law No. (14) of 2007 establishing Dubai Real Estate Corporation.
As per Article (3) of the law, a public corporation owned by the government will be established operating its work on a commercial basis under the name ” Dubai Real Estate Corporation” and enjoys a legal personality, financial and administrative autonomy and legal capacity to undertake all actions that ensure the achievement of its purposes. It may also contract with third parties and sue and be sued in that capacity and to delegate any other person for this purpose.
The Corporation aims to own and manage the real properties registered in the name of the government or any of its departments, including the ownership, reconstruction, investment and the use and exploitation of land and commercial and industrial real estate, located in the emirate. It will also provide building services and implementation, marketing and management of buildings and real estate and commercial properties in addition to the development, purchase, sale, lease and management of real estate properties registered in the name of the corporation.
Article (19) of the law stipulates that the corporation retain any revenues from the sale or privatization of its assets or any of its companies or activities. The corporation will not be subjected to the provisions of Law No. (35) of 2009 Concerning the Management of the Public Funds of the Government of Dubai. This decree is effective from the date of issuance and shall be published in the Official Gazette, according to the official news agency WAM.
