Dubai Land Department gathers government and private sector to explore the future of Dubai’s real estate landscape - Middle East News 247
July 20, 2024
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Dubai Land Department gathers government and private sector to explore the future of Dubai’s real estate landscape

In line with the transformative initiatives undertaken by Dubai, and under the directives of its wise leadership to enhance its position among the best economic cities in the world, Dubai Land Department (DLD) hosted a strategy workshop, ‘Global Model for Communities of the Future,’ on 14 and 15 November at Jumeirah Mina A’Salam Hotel.

The workshop fostered the exchange of expertise, experiences, ideas, and strategic visions to shape the future of Dubai’s real estate sector. It was graced by the presence of His Excellency Mattar Al Tayer, Commissioner General for Infrastructure, Urban Planning and Well-Being Pillar; His Excellency Ahmed Darwish Al Muhairi, General Manager of the Department of Islamic Affairs and Charitable Activities in Dubai; and His Excellency Sultan Butti bin Mejren, Director General of the Dubai Land Department; along with more than 150 participants and speakers, including government officials, global and local experts, thought leaders, and real estate specialists.

The event encompassed in-depth discussions extended across multiple domains, including ‘Attracting Global Institutional Investors,’ ‘Real Estate Technology Leaps,’ ‘Successful Communities of the Future,’ and ‘Innovative Finance Solutions,’ in line with the Dubai Economic Agenda D33 and its ambitious targets as well as the Dubai Urban Plan 2040, considered a continuation of ambition aimed to establish excellence as a steadfast objective for the present and future of the emirate.

Achieving global excellence

During his opening speech, His Excellency Sultan Butti bin Mejren warmly welcomed workshop participants: “Today, we are collaborating with our strategic partners to ensure Dubai’s real estate market’s competitive advantage and its enduring growth. Let us stand ready to embrace the future of real estate and build prosperous cities for future generations that embody the visions of today’s innovators.”

“The Dubai real estate market achieved remarkable and unprecedented results in property transactions. In Q3 2023 alone, the value of these transactions soared to AED 430 billion, showcasing an impressive 37% growth compared to the same period last year, while the number of new investors witnessed a significant upswing of 15%. This underscores our steadfast dedication to translating and embracing Dubai’s vision and goals and underscores the unshakable confidence investors have in the sector, the resilience of our economy, and its ability to tackle challenges head-on, all of which collectively contribute to the ongoing elevation of Dubai’s competitive standing,” Bin Mejren added.

Urban modernity and creative ideas

The workshop’s themes were comprehensively designed to shed light on various subjects, including the integration of traditional and contemporary design for urban modernity, the promotion of sustainability and inclusivity in modern cities, the unveiling of cutting-edge technological developments and strategies reflecting Dubai’s renaissance, and the exploration of innovative concepts to foster creativity in Dubai Land Department ecosystem, taking advantage of Dubai’s unique architecture, and promoting sustainable urban planning by integrating green infrastructure, enhancing environmental supervision and ways to adapt to climate change, and adopting a forward-looking perspective, among others.

Majida Ali Rashid, CEO of the Real Estate Development Sector at DLD, commented: “This workshop is a seamless extension of the DLD’s ongoing endeavours, specifically those led by the real estate development sector. It aligns with the sector’s core responsibilities, such as overseeing the real estate policy framework and advancing procedures and systems for innovation within the sector through collaborative efforts with all partners and stakeholders. The workshop hosted numerous significant sessions in this context, with participants putting forth many ideas and recommendations. We reaffirm our dedication to sustaining these efforts in a manner that advances the overarching objective of enhancing Dubai’s real estate sector towards a new horizon.”

Six sessions

Throughout workshop’d six sessions, participants in the field of attracting global institutional investors discussed a number of topics, including efforts following Dubai’s global success story in attracting retail investors, the importance and role of institutional advisors and brokers in the field of real estate sales, and local developers and asset managers in attracting global institutional investors, was also highlighted.

Delving into the second topic, which revolved around the latest technologies in the real estate sector, strategies were discussed for harnessing global technological advancements. These strategies aimed to create new opportunities that streamline data-driven decision-making processes and revolutionise the sector with unparalleled efficiency and a forward-looking vision. The discussions covered a wide array of areas, including the crowdfunding model in real estate, property ownership facilitated by the Tokenization system, and cutting-edge solutions in building and construction, property management, and artificial intelligence.

The speakers specialising in the development of successful future communities placed their focus on reshaping modern living. Their discussions revolved around integrating sustainable enhancements to create livable communities for the future and adopting a holistic luxury model to elevate the sense of belonging and security. During these discussions, they covered a range of topics, including comprehensive housing solutions, safeguarding the interests of property buyers, promoting the growth of residential projects, and attaining excellence in managing shared properties to enhance resident happiness.

In innovative financing solutions, the speakers delved into cutting-edge methods that extend beyond conventional funding sources to promote sustainable growth. They covered diverse topics, including blended financing solutions incorporating government grants and corporate social responsibility programs for project financing, credit guarantees to support construction, public-private partnerships, and region-specific development incentives.

At the close of the workshop, DLD expressed appreciation for all the outputs, recommendations, and initiatives put forth by the participants, emphasising that these contributions would significantly contribute to formulating and enhancing strategies and policies for the real estate sector. These inputs are expected to play a crucial role in fortifying the real estate ecosystem, fostering an innovative approach in all related systems, and channelling sustainable efforts toward the future, DLD reaffirmed its commitment to creating a roadmap for translating the workshop outcomes into tangible results and actionable steps on the field.

Last Updated on 5 months by Middle East News 247

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