The Real Estate Regulatory Agency (Rera) yesterday announced the opening of a two-day summit 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 United States in April. It confirms the Dubai regulator's key role in leading the global standard-setting process.
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 United Kingdom, US, Canada, Australia and South Africa joined Rera CEO 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 yesterday.
Mahmoud El Burai, Rera 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."
Explaining the importance of the summit, Arello President Anne Woody said: "There are areas of common concern across all property markets and we can learn from each other's experience."
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