The decision to regulate the pace of real estate projects is one of the most important and courageous decisions taken by His Highness Sheikh Mohammed bin Rashid Al Maktoum, and perhaps His Highness explained the reasons that prompted him to redraw the strategy of the real estate sector in the emirate. A major shift in Dubai's strategies, and gave hope, optimism and positive energy to every trader, employee, citizen and resident.
The problem may not be in the real estate sector itself, it is an important and vital tributary in the economy, a necessary activity indispensable for any country, but the problem was in the impulses of semi-government companies to build, in an unplanned and unintentional, and without regard to the theory of supply and demand, and Direct impact on private investments of citizens and the private sector, who were severely affected by the competition of these companies to them.
Therefore, the diagnosis of Sheikh Mohammed bin Rashid was clear and accurate, and directly mentioned his observations on what happened in the real estate sector, as the decision to form a higher committee on real estate planning, simply means that the sector was going without planning, and His Highness demonstrated the absence of planning in the objectives set The committee was asked to achieve a balance in this sector between supply and demand, avoiding duplication of real estate projects, ensuring their added value to the national economy, in addition to ensuring that semi-government real estate companies do not compete with private investors. Recently, it is th The last objective of the formation of the committee is to develop a plan and a comprehensive strategic vision for all major real estate projects in the emirate for the next ten years.
In general, it is not important now to talk about the previous situation, and more important is what Mohammed bin Rashid said in the prescription of treatment for the real estate sector, where the director and the recipe for success, namely the focus on new economic activities, the implementation of specific projects, in addition to pumping extraordinary ideas to push the economy to the summit .
The time has come to correct the equation. Diversified economic activities, whether commercial, industrial or services, are the locomotive of success. As a locomotive, the results on the national economy will certainly not be successful, which is what happened!
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