The Dubai Land Department, in cooperation with Dubai Holding Community Management, has for the first time approved service fees for the 'Jumeirah Palm Main Complex' for a three-year period. A statement yesterday said the new mechanism allows property management companies with shared ownership to submit and approve three-year consecutive service fee budgets through the 'Mulk' system, while still allowing annual budget approval for those who prefer it. The new mechanism aims to support the stability of service fees and enhance long-term financial planning efficiency by enabling management companies to enter into three-year operational contracts with service providers, thereby enhancing clarity and certainty for owners and investors and contributing to a higher level of transparency in building and community management. According to the statement, this 'approval' represents a strategic step led by the Shared Property Ownership Management to develop the 'Mulk' system and marks the beginning of a more mature phase in community management, which enhances market stability and transparency and increases the flexibility and competitiveness of the real estate sector. This development helps the Department's partners, property management companies, to manage their financial and operational commitments in shared ownership projects more efficiently, plan with greater confidence, and make more sustainable decisions based on accurate and reliable data. These improvements to the 'Mulk' system include enhancing the digital integration of data and facilitating documentation and authentication procedures, which saves time and effort, improves monitoring and control efficiency, and raises the quality of services provided to all stakeholders in the real estate sector. Eng. Abdullah Ahmed Al Shaheeri, Executive Director of the Real Estate Regulatory Agency in 'Land Dubai', stated that the new three-year budget mechanism was applied for the first time in cooperation with Dubai Holding Community Management at the 'Jumeirah Palm Main Complex', making it the first project to have its budget approved under this advanced model. He added that all community management companies in Dubai can choose this new mechanism, which supports long-term financial planning and enhances the stability of service fees, noting that this step comes within the efforts of the Real Estate Regulatory Agency to enhance transparency, improve the efficiency of community management, and upgrade the quality of services provided to residents, owners, and investors in the emirate. The announcement was made during a recent cooperative workshop organized in collaboration with Dubai Holding Community Management, where key updates supporting multi-year financial planning and community management mechanisms in the emirate were showcased. Francis Gianni, CEO of 'Dubai Holding Community Management', highlighted the company's key achievements within its residential portfolio and said: 'This achievement has significantly enhanced our strategic planning capabilities, allowing us to tackle future initiatives with greater insight and clarity.' He added: 'Based on this new approach, we are committed to implementing substantial and long-term improvements that enrich the community experience and deliver sustainable value to our residents in Jumeirah Palm and across our communities in Dubai.' Land Dubai highlighted that this step confirms its commitment to developing modern systems that meet the sector's needs, enhance customer trust, and support Dubai's vision of providing world-class living experiences through a more efficient and innovative real estate ecosystem.
