“Dubai Land” fixes the service fees for “Palm Jumeirah Complex” for 3 years

The mechanism supports the stability of service fees, enabling companies to conclude long-term operational contracts, raising the level of transparency in the management of buildings and complexes. The Dubai Land Department, in cooperation with Dubai Holding for Complex Management, has approved, for the first time, the stabilization of service fees for the “Palm Jumeirah Main Complex” for a period of 3 years. The new mechanism allows jointly owned real estate management companies to submit and approve the budget for service fees for 3 consecutive years, through the “Mullak” system, while allowing the continued approval of budgets for a year, for parties that prefer that. The mechanism aims to support the stability of service fees and enhance the efficiency of long-term financial planning, by enabling management companies to…