To: ALL Real Estate Companies and Real Estate Brokerage Firms
Subject: Amending Terms of the Permit for Marketing Properties Abroad
RERA extends its warmest regards and thanks you for your cooperation.
Reference to the abovementioned subject, and further to our previous Circular No. 13 of 2016 dated 2/11/2016 with a view to increase the confidence of Investors and Customers in the Real Estate Market, and protect the rights of all parties, we would like to inform you that it is decided to add a new clause under the Special Terms related to marketing properties for real estate abroad.
This new clause is as follows: "the necessity of providing a Bank Guarantee in a value of 10 million Dirhams in favour of the RERA for incomplete projects", this is in addition to the other previously approved terms. This amendment shall be applicable to all the new permits and those whose renewal is required. And all companies with prior permits amend their circumstances in accordance with this circular before 01/01/2019.
Eng. Marwan Bin Ghulaita
CEO RERA
Date: Shawwal 6, 1439 AH
Corresponding to: 20/6/2018