Chamber of Commerce hosts seminar on UAE's new property laws

A recent seminar hosted by the Abu Dhabi Chamber of Commerce and Industry addressed the nation's new property laws and the challenges brokerage firms will face as they adjust practices to adhere to those laws.

Mohammed Helal Al-Muhairi, the Abu Dhabi chamber's general director, lauded the United Arab Emirates' Department of Municipal Affairs for keeping those affected by the new laws up-to-date and educated, noting many training sessions and programs had been put in place for those in the property development sector -- particularly those who owned or worked for brokerage firms in the UAE.

“According to the predictions of the Department of Municipal Affairs, the new law will contribute to making a huge leap forward in the property market and the number of property transactions after its application," Al-Muhairi said. "The new law will also contribute to controlling and organizing the work mechanism in this sector and will encourage companies to launch new projects and will increase the demand over properties in the emirate.”

Ahmed Salem Al Soudeen, an Abu Dhabi chamber board member, said the new laws were put in place to make the UAE a more desirable location for property developers.

"The contracting and property development sectors are considered as very vital sectors in the development process of Abu Dhabi," Al Soudeen said. "Their contribution to the [gross domestic product] of the emirate increased significantly until they occupied the second place in regard to importance after oil."

Al Soudeen said members of the chamber's contracting and property sector committees would be available to help chamber members with issues that arose as a result of the new regulations.

Al-Muhairi encouraged members of the Abu Dhabi chamber to keep lines of communication open with representatives from Department of Municipal Affairs and to seek support when needed.