DLD looks to increase investor confidence

31/03/2011 - Dubai Investment News Posted by Bob Brunskill
DLD looks to increase investor confidence

New legislations designed to improve investor confidence are set to be introduced by the Dubai Land Department (DLD).

Emad Eldin Farouq, senior legal advisor at the DLD, said that the main aim of the rules was to aid investors when it came to disputes.

Under the guidelines, all investors will have to register their property with the department, buying and selling of properties must be done through registered agents and developers will be required to open bank accounts designated for projects.

"We are working on more legislation, but emphasis is on promoting an efficient alternative dispute resolution such as mediation," Mr Farouq said.

"Restoring investors confident is key issue for property market."

The news follows a recent economic forecast from Farouk Soussa that Dubai's economy will expand by 35 per cent to four per cent this year.

Citigroup Inc's chief Middle East economist noted that infrastructure spending and foreign investment are expected to be the main drivers behind the growth.ADNFCR-2019-ID-800483093-ADNFCR

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