New law to promote and protect Dubai property sector



DUBAI // A new law issued by Sheikh Mohammed bin Rashid, the Prime Minister and Ruler of Dubai, will expand the role of the Land Department.

The department’s role was broadened yesterday to include introduction of policies, procedures and strategies to promote and protect the real estate sector.

It will do this by boosting control and implementing international standards to encourage investment, according to the state news agency Wam.

The law comes days after an official decree ordering the setting up of a rental dispute settlement centre that will end disputes within 30 days in the emirate, including in free zones.

Apart from the department's responsibility of registration and organisation of real estate in Dubai, it is hoped it will provide an attractive environment for investment by implementing international standards.

The Land Department’s new role was welcomed by experts.

“It is a positive development because it gives the Land Department more authority to influence the real estate market,” said Craig Plumb, head of research for the Middle East and North Africa at the property management company Jones Lang LaSalle.

“This clarifies the powers of the Land Department, increases its role and calls for using global best practices and standards.

“Clearly another government objective is to increase real investment, and if the department improves transparency it will attract more investment.

“If this encourages the Land Department to provide more information to developers and investors, it will be a good thing for the market because that is what we need. Then developers can make more informed decisions.”

Sam Wani, the general manager of mortgage brokers Independent Finance, said the new law was part of the progression for the Land Department.

“It has been heading in that direction because now you will see a clear-cut policy framework for real estate,” he said.

“When the industry was in its infancy the department started from the bottom up and was involved in conducting transfers for buying and selling. But now its has picked up that knowledge and will be involved in strategy and policy. It’s a natural progression to a higher level. There will be more firm regulation and this will be of international standards.”

The department is now authorised to assess the performance of its subsidiaries. It will also run quality control measures on its operations and services, and prepare and maintain a unified central database for real estate in the emirate.

Another of its roles will be to update and develop real estate registration systems and procedures to regulate escrow accounts of developers.

rtalwar@thenational.ae

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What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

 

 

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A foster couple or family must:

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CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

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Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

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  • Golden circle - Dh995
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What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

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