In this Law, the following words and phrases shall have the meanings assigned thereto, unless the context requires otherwise:
Law: Law of Collective Real Estate Investment Schemes.
Regulations: Implementing Regulations of this Law.
Authority: Real Estate General Authority.
Board: Board of Directors of the Authority.
CEO: Chief Executive Officer of the Authority.
Collective Real Estate Investment Scheme: A real estate development project in which a group of persons invest to realize a benefit by owning a real estate and developing it into a residential, commercial, industrial, or agricultural property or any other type of property. Such developed real estate is then sold and the scheme is terminated. This shall not include real estate investment funds.
Investor: A person who is an owner in common in a collective real estate investment scheme.
License: A license issued by the Authority for a collective real estate investment scheme.
Licensee: A person holding a license.
Manager of the Collective Real Estate Investment Scheme: A person who is appointed to manage the collective real estate investment scheme.
Escrow Account: The bank account of a collective real estate investment scheme.
Investors Register: A register in which the names of investors as well as their shares and any change to the ownership thereof are recorded.
Assembly: Assembly of investors.

This Law aims to regulate the collective real estate investment schemes activity, raise the level of transparency and disclosure therein, and protect the rights of all parties to the investment scheme.

Without prejudice to the functions of other government agencies, the Authority shall regulate the collective real estate investment schemes activity in accordance with this Law and the Regulations. The Authority shall in particular undertake the following:
1. Issuing, amending, and canceling licenses. The Regulations shall specify the conditions, requirements, and procedures necessary therefor.
2. Classifying collective real estate investment schemes according to size, type, or location, and setting the conditions, requirements, and time periods therefor according to their classification.
3. Setting the conditions for the qualification and classification of real estate developers for the purpose of offering collective real estate investment schemes.
4. Setting the conditions for the qualification and classification of persons engaging in the collective real estate investment schemes activity.
5. Setting the criteria for determining the fees and commissions of licensees.
6. Monitoring and supervising collective real estate investment schemes. The Authority may seek the assistance of other government agencies or private sector entities to carry out any task assigned thereto under this Law or the Regulations.

A collective real estate investment scheme may not be offered, advertised, or marketed, and funds may not be raised therefor without the approval of the Capital Market Authority and prior to obtaining a license from the Authority in accordance with the provisions of this Law and the Regulations. Such scheme shall satisfy the following requirements:
1. The real estate subject of the collective real estate investment scheme must be owned pursuant to a valid title deed with sound integrity pursuant to a statement from the issuing authority.
2. The approvals necessary for the development of the real estate subject of the collective real estate investment scheme must be obtained from the relevant agencies, subject to the Regulations.

The licensee must be qualified and classified by the Authority to engage in the collective real estate investment schemes activity as specified in the Regulations.

The capital of a collective real estate investment scheme shall be determined by a licensed valuation entity based on the estimated cost, and such capital shall be approved by the Authority and the Capital Market Authority in accordance with the Regulations. The number of shares and their value shall be determined based on such capital.

The Authority may require adding to the capital of the collective real estate investment scheme a reserve amount not exceeding 15% of its estimated cost to cover any unanticipated additional expenditures. Disbursement of the reserve amount shall be subject to the approval of the assembly. The Regulations shall specify the necessary conditions therefor and the manner of returning the reserve amount to the investors if not used.