Dubai Circular No. 02/2020 Regarding Conflict of Interest Policy and Transactions with Related Parties in Relation to the Management of the Jointly Owned Property

Note:

• Law No. (6) of 2019 concerning co-ownership of immovable property in the Emirate of Dubai.
• Law No. (4) of 2019 concerning the Dubai Real Estate Regulatory Agency.

As part of the role entrusted to the Real Estate Regulatory Agency in regulating the property sector in Dubai

The following circular has been issued:

Conflict of Interest Policy and Transactions with Related Parties in relation to the management and operation of jointly-owned properties:

1. A property management company for jointly owned properties (the ‘management body’) must establish an approved policy on conflicts of interest and transactions involving related parties in relation to the jointly owned property, and must comply with these policies in a manner that ensures transparency, fairness and equality.

The policy aims to identify conflicts of interest and manage them; it must be subject to ongoing monitoring and continuous review, and the necessary measures must be implemented in accordance with the requirements.

To avoid any adverse effects on ...