The CEO of Binghatti Developers says he welcomes the Dubai Land Department’s (DLD) efforts use a change in property rental law to “modernise and develop” the legislative structure of Dubai’s real estate sector.

The Dubai Land Department (DLD) has reportedly submitted a draft of the new Rental Law to Dubai’s higher authorities to extensively study and discuss the initiative ahead of its introduction.

Muhammad BinGhatti, CEO and Head of Architecture at Binghatti Developers has issued a statement in support of the changes, adding that greater transparency in transactions will bolster Dubai’s position in the global property market.

“The forthcoming Rental Law will raise the level of transparency of Dubai’s real estate transactions, which will reinforce the securing of contractual parties’ rights and bring greater stability to the emirate’s real estate market,” he said. “The Law will allow for further improvements in the quality of services in Dubai’s rental market, and consequently provide safer, faster, and more user-firmly services supported by fully digitalised and modern technologies. Under the guidance of Dubai’s Government and leadership, and with continuous efforts of the Dubai Land Department (DLD), the emirate’s real estate market has been witnessing developments consolidating the principles of clarity and transparency, reinforcing Dubai’s position as one of the best real estate markets in the world.

“The vision and leadership of H.H Sheikh Mohammed bin Rashid Al Maktoum, UAE’s Vice President, Prime Minister and Ruler of Dubai, ensures the continuous growth and maturation of Dubai’s real estate sector,” BinGhatti concluded.

Binghatti Developers is currently building the Millennium Binghatti Residences, the firm’s says first project on the Dubai Water Canal and is due to deliver the Binghatti Stars project later this year in Dubai.

Muhammad BinGhatti, described last month’s announcement that longer visas will be made available to key workers and changes will be introduced to allow 100% foreign ownership of companies in the UAE as “momentous”.