Dubai Developer Fined AED50,000

A Dubai real estate company has been fined AED50,000 for breaking advertising laws. Action against the unnamed company was taken by the emirate’s Real Estate Regulatory Agency (RERA) after it was found to have violated the laws “related to the escrow account and permits of real estate advertisements”. The company committed a series of violations related to the promotion and advertising of real estate projects not registered under its name. This included issuing investment contracts to customers of those projects, receiving amounts outside the escrow account, and launching a promotional campaign without obtaining the necessary permits from the authorities.