His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the formation of the Supreme 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 and Deputy Chairman of the Executive Council.
The committee will assess the current status of the real estate sector at all levels and categories in the Emirate of Dubai, study the needs of the market, evaluate all future real estate projects, and develop an integrated plan for the real estate sector to regulate and control the pace of work on projects, as well as achieving a balance between supply and demand in the real estate sector in the emirate. And enhance the attractiveness of the sector.
Sector Planning
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 and Deputy Chairman of the Executive Council. The General Secretariat of the Executive Council of Dubai, the Land Department and semi-government development companies include Dubai Investment Corporation, Wasl Properties, Dubai Properties, Emaar, Meraas, Nashami, Nakheel. Meydan, Dubai Silicon Oasis Authority, Dubai South and Dubai Multi Commodities Center.
The move aims to plan the real estate sector in the emirate of Dubai 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 to emphasize its attractiveness as a key driving force in Dubai's economic process which is witnessing steady progress in all sectors.
The committee aims to study the needs of the real estate market comprehensively, ensure that real estate projects are not duplicated, and avoid the competition of large developers for small private investors, while the committee will also work to ensure the uniqueness and excellence of new mega projects to ensure a positive return on the macroeconomic of the emirate.
The Chairman of the Committee shall have the right to add or cancel membership of the Committee as required.
Translation process
The formation of the Higher Committee for Real Estate Planning will be a practical translation of the message of His Highness Sheikh Mohammed bin Rashid Al Maktoum to the UAE citizens on the occasion of the start of a new season of work and achievement, in which he stressed the need to find exceptional ideas and innovative projects Quality to drive our economy towards new horizons, as well as the importance of adjusting the rhythm of real estate projects to achieve added value to the national economy.
A major priority
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stressed that the message of His Highness Sheikh Mohammed bin Rashid Al Maktoum touched many pressing national issues. He stressed that establishing a balanced national economy is a major priority, pointing out that the economic sector figures are witnessing progress in foreign trade, export, tourism, logistics and service sectors. "The real estate sector remains one of the largest and most important sectors driving Dubai's economy," he said.
He added: “The committee will consolidate the attractiveness of this sector and enhance its competitiveness to benefit all other vital sectors.”
Integrated plan
The Real Estate Regulatory Commission will assess the current situation of the real estate sector at all levels and categories in the Emirate of Dubai, study the needs of the market, evaluate all future real estate projects, develop an integrated plan for the real estate sector to regulate and control the pace of work on projects, as well as achieving a balance between supply and demand in the sector. It will work to achieve the economic objectives of the Emirate within a comprehensive framework that supports various vital economic sectors within an integrated development vision.