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Rules for Dubai's timeshare industry suggested at meet

DUBAI — Dubai Economic Department (DED) and Dubai Police's Tourist Security department in co-ordination with RCI, a leading company in global vacation exchange services, organised the Timeshare Awareness seminar, where in a series of recommendations, it was decided by the delegates to create a regulatory framework for the fast growing timeshare industry in Dubai.

The discussions also centred around regularising practices dealing with the establishment of timeshare resorts in Dubai and the UAE.

The seminar was held yesterday at the DED premises and was attended by more than 57 delegates from various timeshare companies including representatives from leading global organisations like Interval, Marriott and others. Mohammed Hilal Al Muroshedi director, Compliance Division, DED welcomed the participants at the seminar, which targeted timeshare operators, real estate developers and hospitality representatives, in a drive aimed at streamlining industry practices and regulating sales processes in accordance with local customs and standards.

Ali Ibrahim, deputy director general Executive Affairs, DED, said: “The recent growth of the shared ownership real estate and hospitality sectors in Dubai necessitates the need for a regulatory framework to be in place, to ensure the continued growth of the industry while safeguarding the interests of the consumers.’’

He added: “We will ensure that timeshare vendors operate within an appropriate legal and commercial framework and that the investment of all parties, consumers, marketers and developers alike, is protected.’’

Specific recommendations put forward at the conference included the provision of a "cooling-off" period during which the buyer has the right to change his mind about the purchase, a highlighted clause in contracts that the client signs to confirm that the contract terms are fully understood, strict rules on how prospective customers may be approached or contacted including the licensing of promotional booths in public areas and mandatory inclusion in the contract of a full description of the timeshare interval and unit (apartment or villa) being sold.

The seminar included presentations by several experts in the presence of timeshare industry leaders from around the globe, who endorsed the need for the substantial projected growth in Dubai and the UAE to be channelled and regulated.