DUBAI 23 April 2018: Dubai Land Department (DLD) has announced a number of new initiatives that include a new Mortgage & Finance Law – to stimulate investment and streamline financial mechanisms in the real estate market.
The Executive Council will implement the initiatives with the concerned entities.
The main objective of the initiatives is to develop Dubai’s mortgage law to attract foreign investors and public joint stock companies listed on the Nasdaq . They will also encourage alternative financing methods and enable investors to diversify their investments in the real estate sector, catering to investors with small and medium-sized portfolios.
Sultan Butti bin Mejren, Director General of DLD, commented: “By developing Dubai’s mortgage law, we will help real estate organisations to operate in perfect harmony and enhance their smart resources to provide the best possible services to customers, support the GDP, and create strong new investment tributaries.”
Alongside its mortgage law initiative, DLD has also submitted a proposal to cooperate with public joint stock companies to encourage alternative financing methods.
Planned Goals
DLD seeks to attract foreign investment property portfolios in line with the directives of the Government of Dubai to position Dubai as the world’s leading investment destination and keep abreast of global economic changes.
DLD will achieve this mission by strengthening its close relations with major international institutions, intensifying cooperation and external visits, harnessing all possibilities to facilitate investment activities, and enabling investors of all sizes to diversify their investments in the real estate sector.
The development of Dubai’s mortgage and finance systems will involve issuing a real estate legislation package that will have a positive impact on supporting the development of the sector. It will also strengthen partnerships between the public and private sectors to develop mortgage finance systems and mechanisms, leading to the identification of mortgage engines in Dubai’s real estate market.
Bin Mejren concluded: “This strategy will be fruitful in the near future. The economy will have multiple sectors to ensure its sustainability, especially in light of the growing efforts of various government entities to work in perfect harmony to develop human cadres and qualify them to the highest standards. We look forward to being an active contributor to the sustainability of Dubai’s economy and enhancing its ability to meet challenges and achieve sustainable growth as one of the world’s best economies.”