Law No.
(25) of 2007
Amending
Law No.
(14) of 2007
Establishing
the Dubai Real Estate Corporation[1]
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We, Mohammed bin Rashid Al Maktoum, Ruler of
Dubai,
After
perusal of:
Law No.
(14) of 2007 Establishing the Dubai Real Estate Corporation;
Law No.
(7) of 2006 Concerning Real Property Registration in the Emirate of Dubai; and
Law No.
(18) of 2006 Concerning Management and Realisation of the Public Funds of the
Government of Dubai,
Do
hereby issue this Law.
Articles (6) and (14) of Law No. (14) of 2007 Establishing the Dubai Real Estate Corporation (the “Original Law”) are hereby superseded by the following:
Article (6)
For the purpose of achieving its objectives, the DREC may:
1.
participate in
providing the infrastructure, buildings, management services, and any other
services required for the achievement of its objectives;
2. establish, incorporate, or hold shares in companies;
3. enter into partnerships and agreements with corporations,
individuals, companies, and entities for any projects, related to the areas of specialisation
of the DREC, within or outside of the Emirate; and
4. participate in urban planning and organisation with the concerned
entities in the Emirate.
Article (14)
a.
Subject to the
provisions of Article (15) of this Law, ownership of the following Real Property
will be transferred to the DREC:
1.
vacant land registered in the name of
any Government department and used for commercial purposes;
2.
commercial Real Property and buildings,
whether leased or not, registered in the name of Government departments;
3.
Government land and Real Property, whether
completed or under construction,
registered in the name of the Dubai Development Board and the Department
of Government Real Property;
4.
Hyatt Regency Hotel, Grand Hyatt Hotel,
Hyatt Galleria, Hyatt Hotel Apartments, Grand Hyatt Hotel Apartments, Park
Hyatt Hotel, Le Meridien Hotel Dubai Airport, Le Meridien Mina Seyahi Hotel,
Westin Mina Seyahi and Cineplex Cinemas, including the land on which this Real Property
is constructed; and
5.
any other Real Property owned by the
departments, entities, and corporations affiliated to the Government and
managed on commercial basis.
b. The Chairman of the Executive Council will have the power to
transfer to the DREC the ownership of any Real Property owned by the Government
and managed on commercial basis.
c. For the purposes of this Article, all contracts, rights, and
obligations arising from the projects implemented on the said land and Real Property
will be transferred to the DREC.
This Law will be published in the Official
Gazette and will come into force on the day on which it is published.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on
23 October 2007
Corresponding to
12 Shawwal 1428 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.