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Friday, 18 December, 2020, 16 : 30 PM [IST]

Dubai issues new legislation to regulate timeshare industry

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a new law to update regulations surrounding the timeshare industry in the emirate, reports Arabian Business.

The new legislation is part of the government’s efforts to enhance the legal framework required for the continued growth of Dubai’s tourism sector.

State news agency WAM said the new law aims to further stimulate tourism and real estate sector growth in Dubai, encourage investments in the vacation ownership sector, provide adequate residential alternatives for tourists and visitors, and protect the rights of all parties in the industry.
The law also seeks to regulate the timeshare industry in Dubai according to international best practices, WAM added.

According to the law, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) is responsible for overseeing all activities in the emirate’s timeshare industry.

It will develop the terms and conditions and technical standards required for timeshare facilities to obtain legal permits and approvals and will also list and classify the residential units while also inspecting timeshare properties.

Dubai Tourism is also responsible for receiving and investigating grievances and complaints against any individual or entity practising timeshare activities in Dubai.

According to the law, timeshare permits are valid for a renewable period of one year. Dubai Tourism is authorised to grant permits for up to four years based on a request from the permit owner.

All individuals and entities undertaking timeshare business activities in Dubai must comply with the provisions of the law within six months of its effective date, WAM said, adding that timeshare contracts concluded prior to the activation of the new law continue to be valid. They will be subject to the provisions of the new law after the contracts are renewed.

The Real Estate Regulatory Agency (RERA), the legal arm of Dubai Land Department, first approved in 2008 regulations to govern the timeshare industry. (Source: Arabian Business)

 
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