DUBAI 3 September 2019: The formation of a higher committee for real estate by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has been widely welcomed.
The committee is chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.
“The addition of a higher committee of real estate is excellent news and further demonstrates the vision and leadership of the UAE,” said Lewis Allsopp, CEO of Allsopp & Allsopp.
“This extension to real estate governance is a very positive step bringing regulation which will cater the supply towards what is going to add value to the client and the economy, therefore limiting the potential of an influx of supply that there may only be limited demand for,” he said.
“The inter-connectivity of different real estate developments will bring more selection and choice to the market leading to inevitable interest from outside investors and add excitement to the residents of Dubai,” Allsopp added.
Sultan Butti bin Mejren, Director General of Dubai Land Department, said: “This is a very wise and visionary move to take our real estate market to the next level and to create a sustainable environment for investors and companies in the sector.
“Controlling supply and demand will be the key to real estate sustainability for the coming years, along with by dependence on proper planning, especially as it is the first guarantee factor that helps us to reach the objectives of our plans and predefined strategies with great precision,” he said.
“DLD will contribute in making the work of the new committee as easy as possible by providing all information and support to the members. We believe that working together will create a unique opportunity to meet the expectations of our wise leadership,” bin Mejren added.
Falah Al Ahbabi, Chairman of the DPM said: “A vision of controlled development in a harmonious society, diversified and culturally rich, evolving in a stable environment. A vision that puts people at the heart of all the government initiatives and thought-leadership programs. The six identified themes will make immediate tangible and positive effects on stimulating economic development to advance UAE’s competitiveness while enhancing our human capital”.