Dubai: In a groundbreaking move, Dubai will now require property management firms to disclose any relation to other entities involved in the process.
This effectively requires these businesses to list out any ownership or other interests they share with developers of a particular project. It also reduces the chances of conflicts of interest among related parties.
“Decisions regarding operations and decision-making must be taken free from the direct influence of related parties,” said Marwan bin Ghalita, CEO of RERA (Real Estate Regulatory Agency). “And transactions should be carried out in accordance with the usual market terms and conditions, based on the principle of independent decision-making.”
Source: Gulf News
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