Dubai issues Law No. 13 of 2024 to reform real estate corporation mandate

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (13) of 2024 concerning the Dubai Real Estate Corporation (DREC). The legislation expands the corporation’s legal framework to encompass the entire emirate, including special development zones and free zones such as the Dubai International Financial Centre (DIFC). Integration with Dubai Holding Under the new law, DREC is now affiliated with Dubai Holding, a global investment company. This restructuring moves the corporation from its previous independent status to a subsidiary model, aimed at centralizing the management of government-owned real estate assets. The law replaces Law No. (14) of 2007, which originally established the entity. The updated mandate authorizes DREC to own, manage, and supervise a diverse portfolio of government properties. This includes the development of land and buildings, as well as the provision of social housing to meet the needs of UAE nationals. The corporation is also tasked with investing in real estate projects and participating in the broader property market to generate commercial returns for the government. Operational…