The Dubai Land Department have recently released a draft text
for the long awaited 'Investor Protection Law' for comment
(the Draft Investor Law).
The Draft Investor Law, in part, is a restatement of much of the
existing real estate focused legislation currently in place in
Dubai. However, in the event that the Draft Investor Law is passed
in its current form it contains a number of provisions of
significant interest to both potential investors, and developers,
alike.
The following are some examples of the proposed changes:
- Much of the text deals with obligations on developers to
provide accurate information to investors from the outset of a
transaction. Notably, the Draft Investor Law expressly states
that a contract may be considered null and void where information
is withheld which 'may damage the interests of the
investor'. The burden on developers for the provision of
accurate data is potentially markedly increased.
