12.35 PM Monday, 15 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:37 05:53 12:22 15:49 18:45 20:01
15 April 2024

Federal visa law will benefit realty investors

By Mohammed Elsidafy

Legislative and real estate sources have said there is a need for new legislation to regulate the entry and residence of property owners at the federal level and which takes into account the country's interests.

The sources said the cabinet is discussing a draft law after calls by a number of owners of real estate projects.

The move, which comes in wake of the global financial crisis and its impact on the real estate sector, aims to bring uniformity in the residence law.

Member of the Federal National Council and head of the Legislative and Legal Affairs Committee Ahmed Mohammed Al Khateri said he does not know the full details of the law.

However, he expects the new legislation to be part of government's effort to tackle the global financial crisis and to maintain the economic growth.

Abdalla Zamzam, Chief Economic and Administration Officer, Aldar, said a law will help to regulate the real estate market and benefit investors.

Khalfan Al Kaabi, Head of Abu Dhabi Chamber of Commerce and Industry's Construction Committee, saw the draft law as a correction of an existing problem. He, however, objected to the proposed six-month residence period.

Deputy Director of Dubai Naturalisation and Residence Department Brigadier Obaid bin Suroor denied any knowledge of such a draft law.