editor’s note foreword
Laying down the law
The cogs of legislation grind slowly across the GCC region, sometimes frustratingly so, and talk of draft resolutions and proposed amendments to emerging legal systems is part and parcel of the local real estate scene. When writing about the imminent ratification of X and long-
awaited redrafting of Y, I often have to remind myself – as a lawyer contact of mind recently pointed out – that the bulk of investors and residents come from democratic jurisdictions where property regimes have been developed with public consultation over hundreds of years. It’s little wonder then that legislation, and the initiation of a
solid regulatory framework for real estate in this part of the world, is struggling to keep up with the after-effects of the global meltdown. Hopefully, with a period of breathing space following the announcement of the Dubai World debt deal, regional govern- ments will whip out their fountain pens and sign off on some of the anticipated legislation that could catalyse long-term development sustainability. But it is a game of snakes and ladders. The Dubai Land Department (DLD) has just begun the onerous task of deregis- tering properties bought by investors who have missed payments on off- plan projects. Although no defaulted properties have been placed on the auction block as yet, and DLD reports a smooth start to the proc- ess, disgruntled investors withholding payments to developers over issues of delayed construction will poten- tially see this as a ruling in favour of the developer, and not one designed to kick-start confidence. In a neighbouring emirate, the
Ajman Real Estate Regulatory Agency (ARRA) is making an effort to redress the situation within its own
borders following a spate of rogue developer claims, with police cases being filed against absconding companies and amnesty in favour of mediation for those who try to bring alternative solutions for construction and delivery to the table. The horse may have already bolted, but these moves
are meaningful, and an announcement at the end of May by HH Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Supreme Fiscal Committee, that “urgent steps” are being taken to address gaps in the UAE’s legal and regulatory infra- structure with regards to the modernisation and reformation of current insolvency framework, is highly significant. As legislation passes from expectation into operation, this
is set to usher in a new era of stability and sustainability – the current regional buzzword. Even the emirate of Sharjah is mull- ing over the passing of a draft law that will allow expatriates to purchase property. Kuwait is also proposing a new property law targeting
long-term expatriate residents, although the right of residence issue is not an option, which may deter prospective purchas- ers. Similarly, the state of Qatar is looking at the regulation of real estate brokers and developers under a draft law that will require companies to fall under Qatari ownership in order to be licensed to operate. With the summer lull on the horizon I’m holding out for news
on the green light for Saudi Arabia’s much debated, and antici- pated, mortgage law package to come into play. A Q4 release would wrap up the year nicely, and set the wheels in motion for other markets as we lay 2010 to rest.
Claire Malcolm | Editor
Editor Claire Malcolm Features Writer Oliver Ephgrave Senior Art Director Andrea Tempesta Senior Designers Prachi Bhaumik,
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Cover: Dubai Marina
jun-sep 2010
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