10/04/2009 10:59 PM | Staff Report
Dubai: The Real Estate Regulatory Agency (Rera) on Sunday opened a two-day conference bringing together the key regulators of the international property sector in Dubai to begin the process of consolidating regional regulation.
"The initiative comes in the wake of Rera's recent affiliation with the Association of Real Estate License Law Officials (Arello), finalised in the US in April of this year and confirms the Dubai regulator's key role in leading the international standard-setting process," a statement said.
Rera is the first regional Arello affiliate and is now leading the initiative to harmonise regulation and set benchmark standards for its peer organisations. Officials from the UK, US, Canada, Australia and South Africa joined Rera chief executive Marwan Bin Ghalita and representatives from the regional sector for the first Arello District 6 meeting to be held in the UAE.
The Ajman Real Estate Regulatory Agency (Arra) became Arello's newest Gulf member earlier last morning.
Mahmoud Al Burai, Rera's director of Real Estate Sector Development, said: "Under the Arello umbrella, we have begun the process of creating a strong, coherent and mutually supportive framework to take regulation of the regional market to the next level.
"The District 6 summit offers regional officials the opportunity to meet the world's leading property sector regulators and standard setters. It paves the way for real advances in regulation of the regional sector and to begin the process of shaping a new direction."
His words were echoed by the Arello president, Anne Woody, one of the keynote speakers during the opening day of the summit. Following one of the closed sessions, Woody said: "There are areas of common concern across all markets and we can learn from each other's experience.
"Rera has a powerful regulatory framework and strong leadership and can offer a model for real estate regulation in the region."