In times when many countries of the world suffered a decline in the growth indicators of some of their economic sectors, the Emirate of Dubai was making qualitative leaps in various sectors, and in a short period it turned to the most popular destination, which contributed to the continued recovery of the economy and achieving amazing growth rates.
The reason for the steady growth of the economy is the flexibility of the legislative frameworks, the response of the laws to the market transformations, and the keeping up of investment decisions with developments and emergency crises.
And since the talk will be prolonged if we address the laws and legislations of the various economic sectors, I will limit myself in this article to one sector, which is the real estate sector, but the reason is due to the decision issued by the Dubai Government’s Rental Dispute Resolution Committee, which cannot be described as less than «a hit Teacher".
The decision includes four very important clauses, the first of which stipulates the formation of two primary committees to consider rental claims made by requesting the annulment of a rental relationship, a decrease in the rental value, whether it is original or opposite or by an occasional request, and the formation of an appeal committee to consider challenging the provisions and decisions issued by the committees mentioned in the item.
The decision also included the necessity for the committee formed under this decision to abide by the procedures and rules established by the center regarding these cases, and for the primary and appeals committees to transfer the cases and appeals circulating before them, and any actions that might restrict the cases of committees formed under the decision, including the cases reserved for the ruling.
This decision came amid difficult conditions that the entire international community suffers from, given the outbreak of the new Corona pandemic (Covid 19), which confirms the preoccupation and awareness of the Emirati lawmaker, which formulates flexible legislation, is consistent with changes and emergency events, and contributes to controlling the market rhythm, and meets the requirements of the current and future stage It guarantees the rights of all parties and enhances the contribution of the real estate sector to the comprehensive development of the emirate.
In view of the legislative frameworks issued by the Dubai government in various investment fields, especially in the real estate sector, its success in establishing a system of solid and flexible legislation can be assured at the same time, which includes the organization of the sector and enables it to continue to achieve stable growth rates, also based on a package of decisions And the laws that were enacted during the past few years.
In conclusion, various studies and research related to investment legislation and laws confirm that societies that make their laws a bridge between investors and beneficiaries are the most capable of achieving strong and continuous growth rates in terms of investment growth and human growth, which is the primary driver of the wheel of development and progress, and this definitely makes the emirate Dubai is a global investment destination.