The Dubai Municipality has relaxed the rules on the requirement that an insurance amount must be obtained by a developer before a building is approved.
Hussein Nasser Lootah, director general of Dubai Municipality, made the announcement after guidance from His Highness Sheikh Mohammed Bin Rashid Al Maktoum, vice-president and prime minister of UAE and ruler of Dubai, who is eager to promote growth and innovation in the Dubai property sector.
Mr Lootah said the new rules had been designed to relieve the burden on customers and reduce costing requirements prior to construction.
"At the same time it will also save the financial burden on the customer and facilitate the procedures in light of the current situation," he added.
Such news may well be of interest to those who are planning on investing in off-plan property for sale in Dubai.
Earlier this week, Dubai Municipality launched the new Arshedni initiative, to support those sectors of society that require special support, guidance and attention in purchasing property in Dubai.