Mohammed bin Rashid directs the formation of a committee to control the pace of real estate projects in Dubai

UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has 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 committee 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 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 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. Membership of the General Secretariat of the Dubai Executive Council, the Dubai Land Department, and semi-government development companies include Dubai Investment Corporation, Wasl Properties, Dubai Properties, Emaar, Meraas, Nashami and Nakheel. , «Meydan», «Dubai Silicon Oasis Authority», «Dubai South», «Dubai Multi Commodities Center». The move aims to plan the real estate sector in the emirate of Dubai and develop a clear and deliberate 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 The quality of driving our economy towards new horizons, as well as the importance of controlling the pace 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 biggest 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.

Bin Mejren: Market study and evaluation of future projects

The formation of the Supreme Committee for Real Estate Planning reflects the wise vision of our leadership to increase the level of competitiveness of the real estate sector as a whole and to underline its appeal as a key driving force in Dubai's economic drive, said Sultan Butti Bin Mejren, Director General of Dubai Land Department.

He stressed that the formation of the Committee will be a practical translation to generate exceptional and innovative ideas, and the development of specific projects to push our economy to new horizons, as well as the importance of controlling the pace of real estate projects, to achieve added value to the national economy.

He pointed out that the real estate development industry has witnessed important developments, most notably the return of the market to the real engines in its growth, and the continuous modernization of the legislative structure, which has yielded solid confidence among foreign investors, stressing that the main real estate developers are pushing to the construction market with new and quality projects that serve the urban identity of the city, and enhance Real estate market performance.

He continued: «We will work in the Real Estate Regulatory Commission to assess the current situation of the real estate sector at all levels and categories in Dubai, and study the needs of the market, in addition to assessing 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 directing developers towards new and innovative projects focusing on the type and not quantity ».

The denominator: a recipe to maintain real estate leadership

Hisham Abdulla Al Qasim, CEO of Wasl Asset Management Group, said: “The Supreme Committee for Real Estate Planning, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is part of the continuous follow-up of His Highness to ensure leadership. Sector, maintaining its attractiveness and competitiveness. ”

Al Qasim added that «this guidance is a comprehensive message from which we learn many lessons, including the importance of the participation of all parties in achieving the optimal balance in the equation of supply and demand, especially as it represents the first key to the success of this sector, especially in terms of maintaining reasonable prices, for the good Developers and investors, and the various economic sectors and the overall investment environment in Dubai. ”

He added that «in the direction of His Highness also we seek his keenness on the development of the private sector, and continue the momentum of success as a strong tributary of the national economy, and an important attraction for investment».

Al-Qasem pointed out that «through these recommendations combined, His Highness provides a recipe to promote real estate leadership and excellence from other markets».

"We will be supportive of this committee, which will be chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and we will put all our resources and expertise at his disposal," he said.

Objectives of the Committee

- Develop a clear plan to achieve added value for the real estate sector.

- Create strategic and coordinating frameworks among all developers to balance the real estate market.

- Study the needs of the real estate market comprehensively.

- Ensure that real estate projects are not repeated.

- Avoid competition from big developers for small private investors.

- Ensure the uniqueness and excellence of new major projects.