Be creative in real estate investment to boost economy in UAE
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday urged Dubai Lands Department to come up with creative and feasible initiatives to boost the national economy. Shaikh Mohammed said he wanted the Lands Department to concentrate on initiatives that support Dubai’s policies towards generating new business concepts so as to attract more inward investments. “I don’t want just a routine government work that dampens creativity and innovation among employees and affect their performance,” he said during an inspection visit to the Dubai Lands Department. “I wish you more success in the service of the homeland,” Shaikh Mohammed said as he witnessed the launch of the department’s Centre for Promotion and Management of Real Estate Investment.
The new facility will act as the investment arm of the Lands Department along with RERA (Real Estate Regulatory Authority). The centre will encourage, promote, regulate and manage the real estate investment environment in Dubai and stimulate the property sector through direct and long-term investment.
Chairman of the Land Department Shaikh Mohammed bin Khalifa Al Maktoum welcomed Shaikh Mohammed, who was accompanied by Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Aviation Authority and Chairman of Emirates Group and Mohammed Abdullah Al Gergawi, Minister for Cabinet Affairs.
Shaikh Mohammed attended a presentation from the Director-General of the Lands Department Sultan bin Mejren on new plans and initiatives the department is launching to encourage investment in the real estate sector to sustain growth. He also reviewed the main features of a draft law, which is being designed to promote greater transparency, protect real estate investors and boost business confidence.
Shaikh Mohammed started his tour with a stop at the Customer Service Centre where he was briefed about the top class e-services provided to landlords. He also talked with a group of clients and assured himself with the swift and friendly delivery of services. He instructed the director of the department to allocate special waiting area for the convenience and comfort of clients, especially the elderly ones.
The total value of land transactions by the Lands Department reached Dh88 billion through the current year up to 12 September 2011, a key indication of the vibrant recovery of the property market in the UAE, and in particular Dubai, which is now positioned as one of the most flourishing and transparent markets by international real estate benchmarks.
Dubai recently took the lead in the global real estate index of competitive environments, according to the International Property Rights Index (IPRI). The emirate was ranked fourth globally in property registration in the Ease of Doing Business 2011.