Menares plan awaiting Ruler's Court approval

The proposal of creating Middle East North Africa Real Estate Society (Mena?res) has been submitted to the Ruler's Court and is awaiting approval, a government official said.

"We are in the final stage of establishing Menares to foster links between real estate experts, professionals, and government agencies across the Mena region. The proposal is now in the Ruler's court," Mahmoud Hesham Al Burai, Director, Real Estate Sector Development Department of Real Estate Regulatory Agency (Rera) told Emirates Business.

Rera is creating Menares with the aim to rally real estate academics and professionals in both the public and private sector to foster communication, academic programmes and academic research across the Mena region.

The agency has also joined hands with the US-based Association of Real Estate Law License Officials (Arello), an organisation of real estate regulators from across the world. Arello's chief members include government regulators from the US, Latin and South America, the Caribbean, Asia, Australia, Europe and Africa.

"Dubai is the only Arello member from the region. We will will spearhead initiatives such as the 'District 6' meeting, in the emirate by end of the year."

According to Al Burai, the move completes a multi-phase process of turning Rera into an international agency and key player in the global regulation of the sector. Rera is also part of the International Real Estate Federation, the World Association of Valuation Organization, the Royal Institute of Chartered Surveyors, the Asian Public Real estate Association, and the Urban Land Institute.

Rera is on the board of FIABCI, which integrates it into the certified international real estate professionals' community in addition to real estate courses offered by the university. 

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