Law No. (11) of 2011
Amending Law
No. (14) of 2007
Establishing the
Dubai Real Estate Corporation[1]
______________________
We, Mohammed
bin Rashid Al Maktoum, Ruler of Dubai,
After
perusal of:
Law No. (14) of 2007 Establishing the Dubai Real
Estate Corporation and its
amendments (the “Original Law”);
Law No. (7)
of 2006 Concerning Real Property Registration in the Emirate of Dubai; and
Law No. (35)
of 2009 Concerning Management of the Public Funds of the Government of Dubai,
Do hereby
issue this Law.
Articles (2),
(3), (5), (8), and (19) of the Original Law are hereby superseded by the
following:
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. |
|
DREC: |
The Dubai Real Estate Corporation. |
|
Board of Directors: |
The board of directors of the DREC. |
|
CEO: |
The chief executive officer of the DREC. |
Pursuant to this
Law, a Government-owned public corporation conducting its business on a
commercial basis and named the “Dubai Real Estate Corporation” (DREC) is established.
The DREC will have legal personality, financial and administrative autonomy,
and the legal capacity to undertake all acts and dispositions required to
ensure the achievement of its objectives. The DREC may enter into contracts
with third parties, sue and be sued in its own name, and appoint any person to
represent it for this purpose. The DREC will be affiliated to the Ruler.
Article (5)
The objective
of the DREC is to own and manage the Real Property registered in the name of
the Government or any Government department, including to:
1.
own, develop, invest, use, and exploit the commercial
and industrial land and Real Property existing in the Emirate;
2.
provide construction, implementation, marketing,
and management services for buildings, and commercial and Real Property; and
3.
develop, purchase, sell, lease out, and manage
the Real Property registered in the name of the DREC.
The
Board of Directors will manage the DREC and undertake general supervision of
its administrative, technical, and financial affairs, and will pass the resolutions
and take the actions it deems appropriate for the achievement of the objectives
of the DREC, including to:
1.
set the general policy and project plans of
the DREC;
2.
approve the draft budget of the DREC;
3.
authorise the CEO to exercise certain powers of the Board of
Directors;
4.
prepare the organisational structure and
bylaws regulating the administrative, financial, and technical work of the DREC,
and
5.
appoint auditors and determine their
remuneration at the beginning of each financial year.
1.
The DREC will retain any revenues generated from
the sale or privatisation of its assets,
subsidiaries, or activities.
2.
Law No. (35) of 2009 Concerning Management of
the Public Funds of the Government of Dubai will not apply to the DREC.
This Law comes
into force on the day on which it is issued, and will be published in the
Official Gazette.
Mohammed bin
Rashid Al Maktoum
Ruler
of Dubai
Issued in Dubai on 16
June 2011
Corresponding to 14
Rajab 1432 A.H.
© 2015 The Supreme
Legislation Committee in the Emirate of Dubai
[1]Every effort has been made to produce an accurate and complete English
version of this legislation. However,
for the purpose of its interpretation and application, reference must be made
to the original Arabic text. In case of
conflict the Arabic text will prevail.