Law
No. (7) of 2010
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 and its amendments (the “Original Law”); and
Law No. (11) of 2006 Establishing the
Investment Corporation of Dubai and its amendments,
Do
hereby issue this Law.
Article (1)
Article (3) of the Original Law is
hereby superseded by the following:
Article (3)
Pursuant
to this Law, a public corporation named the “Dubai Real Estate Corporation” is established. The DREC
will conduct its business on a
commercial basis, and have legal personality, financial and administrative
autonomy, and the legal capacity required to undertake all acts and dispositions
that ensure the achievement of its objectives. The DREC will
be affiliated to the Investment Corporation of Dubai.
Article (2)
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 18 March 2010
Corresponding to 2 Rabi
al-Thani 1431 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.