Real Estate Investment Recovery is a venture related to UAE off-plan real estate projects. The venture sets the focus on projects that are under-cancellation, cancelled, or in liquidation. These projects are also considered as in-default. Usually, investors in such projects are aware of their project being in-default. However, most of them do not know what to do in such circumstances. In addition to that, those that live outside the UAE encounter the difficulty of the distance. To sum up, real estate projects are in-default, related investors’ invested amounts are stuck, and the investors are also stuck.
On the other hand, the respective authorities apply best efforts to regulate the UAE real estate ecosystem. Likewise, they facilitate the legislation to help these investors. Although regulations, policies, and procedures are in place, investors require to take actions too. As a result of our research, we concluded that investors, individually, should take at least two steps. In first instance, they should do a due diligence to verify their rights in their project. Furthermore, it is in the best of their interest to remain up to date, at all times, about their project’s status.
Accordingly, we structured the venture’s foundation to provide robust assistance and support for these two tasks specifically. In addition, the venture also includes certain legal services as optional. For instance, investors have access to rectification support to file a claim and assure their rights in case of a negative due diligence outcome. Investors may also opt to appoint the venture to follow up the liquidation refund in case of auction.
We combined efficiency with legal strength and managed to come up with a legally backed and affordable package of services. To clarify, investors receive quality legal services to assure their rights in their project against a minimal administrative fee structure. As conclusion, any investor in a defaulted real estate project makes a sound decision to subscribe to the services of the venture.
To know more about REIRS and get in touch with the Operations Team, please visit the REIRS site directly.
Al Kamali Advocates & Legal Consultants
Al Kamali Advocates and Legal Consultants (AKA) is a leading full-service law firm with emphatic presence in Dubai providing top-notch legal services to individual and corporate clients locally and internationally. Founded since 1997, the pioneering partners Ahmed Al Kamali and Mohamed Al Kamali inspired the firm with a unique sense of mission to provide clients with sound legal advice and innovative business solutions.
AKA has developed a reputation for resolving complex legal and commercial issues across borders. The firm compliments its corporate and commercial legal services with a solid litigation and alternative dispute resolution practice. Areas of practice include real estate law, corporate and commercial practice, litigation and sports law. Equipped with a diverse team of lawyers -well versed in local laws and practices, existing and emerging areas of law, current global trends, regulatory and operational frameworks for businesses- AKA is in extreme readiness to be deployed for the attainment of our clients’ goals.
AKA’s legal strengths are founded on three cardinal strategies: providing legal advice that is accessible and commercially oriented; assisting clients in analyzing transaction related risks and regulatory compliances; providing legal remedies either through litigation, ADR or negotiated settlements.
BrightCircle is a leading management consulting firm that serves private and public institutions. We help our clients make better decisions, deliver durable success and unique value.
Advisory is at the heart of everything we do. We advise clients, at every level of their organization, on their most critical challenges and opportunities: strategy, finance, operations, digital transformation and strategy, analytics, and M&A.
Today’s companies face constantly changing and increasingly complex environments, which call for timely and effective decision-making. We help our clients implement actionable responses to these changes, while building their internal capacity to deliver sustainable business results in an uncertain world.
We listen and advise, we do not sell. At a time when many are going for industrialised and standardised advice, we believe in customized approach and bespoke advice.