Move to benefit country’s business sector and will increase global competitiveness index ranking
The Dubai Economic Development Department (DED) and the Real Estate Regulatory Agency (RERA) have said that lease contracts registered with the official online registration system known as Ejariis to become mandatory as of July for renewing, amending and receiving commercial licenses issued by the DED.
The move is for the “benefit of the country’s business sector and an advantage that helps it rank higher in the global competitiveness index issued by the World Bank,”said Marwan bin Ghalita, the chief executive of RERA.
Registration on Ejari protects rental rights for all parties, in order to avoid potential lease disputes. It also has a positive impact on updating the rental index and fair lease value in the market, the regulator said.