A real estate planning committee has been established to streamline the sector’s development in Dubai over the next ten years. The objective of the Dubai real estate development committee is to ensure a balance between supply and demand in addition to regulating the real estate projects launched. It will give private developers more space to build their projects.
The Dubai real estate development committee comprises the General Secretariat of the Dubai Executive Council, Dubai Land Department and semi-government development companies such as Investment Corporation of Dubai, Wasl Properties, Dubai Properties, Emaar, Meraas, Nshama, Nakheel, Meydan, Dubai Silicon Oasis Authority, Dubai South and Dubai Multi Commodities Centre.
The Dubai real estate development committee will focus on developing a strategy to increase competitiveness in the real estate sector — making it significant to Dubai’s economy.
Prime Minister of the United Arab Emirates and ruler of the Emirate of Dubai Shaikh Mohammed Bin Rashid Al Maktoum on his official Twitter page, said, “We instructed Shaikh Maktoum to ensure that semi-government real estate companies do not compete with private investors and to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next ten years.”
At first, the committee will study the sector’s situation in Dubai and assess all future real estate projects. The reason for doing so is to prevent duplication of projects in the emirate. With that, all major real estate projects will be unique.
Also, Dubai Land Department (DLD) and Ahmad Bin Hezeem & Associates (BSA) signed a memorandum of understanding to boost local and foreign investment opportunities in Dubai. The new initiative will streamline purchase and sale of properties by corporate entities with maximum foreign ownership. This way, Dubai’s property market will be open to a large pool of corporate investors.
DLD will be introducing a whole suite of investment products to lift the current restrictions in Dubai’s real estate laws. With that, the real estate sector is likely to thrive on more investment opportunities in the future.