RERA plans international expansion

The emirate's Real Estate Regulatory Authority (RERA) has revealed that the company envisages to go global and become an international real estate reference point with the acronym, Menares.

Menares stands for the Middle East and North Africa Real Estate Society and has already become part of several international property bodies.

While commenting on the occasion, Mahmoud Al Burai, director of the real estate sector development department at Rera, stated, "We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally."

Recently, Rera became a member of five organisations responsible for regulating real estate affairs around the globe.

The five organisations entail the International Real Estate Federation (FIABCI), the World Association of Valuation Organisation (Wavo), the Royal Institute of Chartered Surveyors (RICS), the Asian Public Real Estate Association (Aprea) and the Urban Land Institute (Uli).

The authorities of Rera said that the aim of Menares is to encourage real estate education, professionalism and real estate practices.