Register for our free newsletter

 
 
Latest News

Rera to regulate Dubai’s real estate agents

Dubai-based Real Estate Regulatory Authority (Rera) has launched a four-tiered…

September 9, 2009 12:01 by



Dubai-based Real Estate Regulatory Authority (Rera) has launched a four-tiered, color-coded classification system that will help regulate real estate agents in the emirate, reports Arabian Business.

“The big change is that broker licenses will now be linked to specific areas. We will no longer face a situation where someone licensed by a free zone which owns no property can be registered to sell real estate in other parts of Dubai,” said Mubarak Al Jafla, RERA’s head of broker registration.

“The overall effect will be to limit the number of licensed brokers selling property in Dubai to those who are able to offer a professional, expert and dedicated service.”

Real estate agents can either apply for their licenses from Rera now, or when their current licenses expire.



Tags: , , , ,

3 Comments

  1. real estate on September 9, 2009 6:40 am

    There is a lot of information out there on real estate investing. The best way to optimize your real estate investing education is to know the basics ahead of time.

     
  2. paruweb on September 9, 2009 11:49 am

    This is a big change. i got more information through this article. RERA is following good rules.

     
  3. abdu on November 19, 2009 6:28 am

    Osama Bin Laden may be the world’s most wanted man, but his half brother, Tariq Bin Laden would be the Gulf’s Bernie Madoff. The curse of the Bin Laden sons, Osama is a killer and Tariq is a mastermind of con’s and real estate Ponzi schemes.

    Who Is Tariq Bin Laden?

    Tariq Bin Laden is one of the 54 sons of Mohammed Bin Laden. Mohammed Bin Laden was the founder of Bin Laden Group conglomerate that has huge business interests in construction, banking and telecommunications. The Bin Laden Group, which has close ties with Saudi Arabia’s rulers, was the construction company that built the Holy City of Mecca, the palaces of the Saudi Arabia’s ruling family and the construction company that restored the holy city Jerusalem.

    Tariq Bin Laden once described as highly intelligent and charismatic leader by his colleagues and business acquaintances is the CEO and Founder of Middle East Development (MED), a Dubai based real estate developer and Construction Company. MED was founded in 2004 amid the real estate construction boom of Dubai. Due to lack of finding concrete information regarding the Principal owners of the MED, we are unable to provide the capital of the Company. However, we have learned from close sources of the Bin Laden Group that Sheikh Tariq Bin Laden’s Middle East Development is not the subsidiary of the Bin Laden Construction conglomerate as reported in several media outlets. Why then is the 62 years old, Sheikh Tariq touting his company as a subsidiary of Bin Laden Group on an interview given in September 6, 2007 in The Sunday Times of London? Is the Sheikh lying? Perhaps, the Sheikh was leveraging the Bin Laden Group brand and reputable name to pursue his business interests while his company, MED has no affiliation whatsoever other than Sheikh Tariq being the son of the elder Sheikh Mohammed Bin Laden.

    Since the inception of Middle East Development in 2004, Sheikh Tariq Bin Laden started several projects including the eye popping multi-billion dollar Bin-Laden bridge that will connect the horn of Africa with Arabian peninsula, over five apartment hotel and residential towers in Dubai; Red Residence & Kensington Royale in Dubai Sports City, The Windsor & Arabian Crowne located in Dubai land residential and business districts and Business Bay Tower E. Furthermore, the Sheikh continued to make noise throughout the Middle East by announcing blockbuster project in Syria and Bahrain which were later canceled due to lack of funds. To date, the company has failed to deliver on all the projects that were launched in 2006 and slated to be completed in second quarter of 2008. The company has continued to delay the completion of the entire portfolio of projects under development every quarter and on some projects the completion of the projects has been delayed indefinitely. One of the projects launched in second quarter of 2006, Red Residence which is located in Dubai Sports City was scheduled to completed in June 2008 has been delayed indefinitely after several failed promises of delivery to the individuals the bought units from the developer. Today, the construction site sits idle with no construction taking place as the builder has run of money and the fate of the investors’ money who have bought unit/s from this developer continues to be unknown.

    From recent interviews we contacted with Nigel Russell, a former Director of Sales of Middle East Development Dubai, we have learned that funds deposited by property investors has been misappropriated and wired to Canada and England into accounts controlled by Sheikh Tariq Bin Laden and his affiliates. Moreover, the Dubai Land Department & Dubai Properties has foreclosed on the Business Bay Tower E project for non payment and investors who have bought Business Bay Tower E unit have yet to receive their refund on a canceled project. We have discovered through our investigation that over 30 million US Dollars that was paid by customers into RAK Bank account # 0018-711435-001 in Dubai is no longer their and the funds has been appropriated on other ventures controlled by the Sheikh and are no longer available in escrow or on deposit. Dubai Sports City has many projects underway and Middle East Developments LLC has absolutely no reason, except lack of funds, to have commenced work on site.

    The Dubai Royal family have recently shut down real estate rackets of fraudulent developers and forced the return of investors’ principal investments. We wonder why Sheikh Tariq Bin Laden & his Company, Middle East Development continues to operate in Dubai? Is he above the LAW?

    We believe the emirate of Dubai can ill afford to have such an individual who leverages whose father’s good name and the Bin Laden Construction Group brand to launch his career but destroys it by taking investors’ money and misappropriating it to support his lavish lifestyle and apply investor’s funds into unrelated business ventures.

     

Leave a Comment