His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council and Chairman of the Supreme Committee for Real Estate Planning in the Emirate of Dubai, praised the role of government and semi-government real estate companies in supporting the emirate's economy during the past period, and enhance the competitiveness of the real estate sector and its outstanding contributions in achieving A paradigm shift in Dubai's economy.

First meeting

During his chairmanship of the first meeting of the Supreme Committee for Real Estate Planning, HH stressed that the coming stage requires more coordination and harmonization among the various actors in the sector, away from the negative competition in order to create a balance between supply and demand and take into account the interests of investors, in order to achieve the vision of His Highness Sheikh Mohammed His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, highlighted in the new season message that will control the pace of real estate projects to add value to the national economy.

His Highness said: “Dubai's economy is characterized by its resilience and its ability to cope with the changes, which is a methodology that drives economic growth and ensures its sustainability.While the emirate's real estate sector is a major driving force in its economic process and a global investment destination because of the promising opportunities it offers, the market is recovering. "Stability is one of the priorities of the committee's work."

Comprehensive strategy

He added: "There is a need for a more balanced market according to a comprehensive strategic vision, which has a long-term impact on the macroeconomic environment of the emirate." He explained that the Supreme Committee for Real Estate Planning, responsible for creating balance in the market and shaping the features of the future of the real estate sector, and lay the foundations that will consolidate the emirate's attractiveness to investors, and enhance the market's ability to sustain growth.

The next stage

During the meeting, they reviewed a set of business principles for the next phase aimed at enhancing the balance between supply and demand in the real estate market, consolidating investor confidence, to maintain the momentum and growth of the sector, and enhance the contribution of the private sector to invest and take advantage of promising opportunities.

The committee approved a study of the current situation of the real estate market from an integrated economic perspective to enhance the attractiveness of the sector, and study the future projects of government and semi-government real estate companies to ensure their positive impact on the investment climate of the emirate, and not to compete with the private sector.

The committee stressed the need for government and semi-government companies to develop innovative quality projects that add value to the national economy and contribute to creating a balance between supply and demand in the sector.

Earlier this month, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, directed the formation of the Higher Committee for Real Estate Planning in the Emirate of Dubai, headed by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Chairman of the Committee, has appointed His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum to determine the permanent members. The committee includes: Executive Council, Land Department, Dubai Municipality, Wasl Properties, Dubai Properties, Maras , Nakheel, Meydan, enrich Dubai », with the possibility of annexing or inviting stretches Ren and other government and quasi-government real estate as needed.

The committee aims to plan the real estate sector in the emirate, and develop a clear and thoughtful strategy to achieve added value for real estate projects in the emirate, to increase the level of competitiveness of the sector as a whole and confirm its attractiveness. He likened the large government to small private investors, in addition to ensuring the uniqueness and excellence of new large projects to ensure a positive return on the macroeconomic of the Emirate.

Deputy Ruler of Dubai:

• «The next stage requires more coordination away from negative competition».

• “Assessing the current market situation from an economic perspective to enhance the attractiveness of the sector”.