Dubai Real Estate Corporation begins ambitious plan
Dubai Real Estate Corporation (DREC) has recently commenced an ambitious plan to develop the real estate sector in Dubai, in a move predicted to satiate niche market gaps and complement Dubai’s urban growth, after it was recently established following a royal decree in June 2007 by Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The Corporation, which operates as a full-solution real estate company, is responsible for providing a number of value-added services for property registered in the name of the Dubai Government or any of its departments. These services include real estate management services, leasing and facility management services, and consultancy in asset management.
Investments within the hospitality, entertainment and leisure sectors are also central to DREC’s operations, and the company has confirmed that it plans to expand or develop these specific arenas in the near future according to market need.
Hisham Al Qassim, Chief Executive Officer of DREC, said, “DREC has been created to further develop Dubai’s real estate assets, and we aim to achieve this by focusing on key areas, targeting niche market gaps, and complementing Dubai’s urban growth by focusing on underdeveloped areas. In the near future, it is our goal to expand our operations country-wide, and we hope to play a pivotal role in the UAE’s next chapter of development.”
“Working in line with Dubai Strategic Plan, DREC will complement the Dubai Government’s efforts to integrate infrastructure development and environmental focus in order to achieve sustainable long-term development,” Al Qassim added.
DREC is in the process of conducting preliminary studies about the real estate sector in Dubai; the results of which will highlight key areas for development based on growth potential and market demand. The asset management company has also revealed that it will begin its operations by focusing on these key areas, and also maintain its strong market share in the residential, commercial, industrial, hospitality and tourism sectors.