New agreement will 'increase transparency' in the UAE

The Real Estate Regulatory Agency (RERA) is looking to "increase transparency" within the property market in UAE after striking a new deal with the Ministry of Labour.

The new guidelines will go a long way towards ending any malpractice within the region, something which RERA is keen to put an end to.

Marwan bin Ghulaita, chief executive officer of the agency, said the move, which will see property brokers no longer referred to as simply "sales staff", has been implemented in an attempt to ensure a professional approach is taken towards investment.

"This in turn will boost confidence in property dealings and in the networks of agents and third parties investors depend on to execute their transactions," he explained.

Mr Bin Ghulatia went on to describe the move as "the first step towards the complete classification of the real estates professions in Dubai".

The news comes after the central bank governor of the UAE, Sultan Nasser al Suweidi, stated that economic growth is set to rise over the coming year.