Realty score: Dubai attracts Dh78B investments in 2017
dubai — Dubai has attracted Dh78 billion worth of investments in the real estate sector so far this year, a senior official said on Saturday.
“Thanks to high-quality, meticulously-designed projects that hold their value, Dubai’s real estate market attracted Dh78 billion of investment from January 2017 to date. These figures reflect the world’s confidence in Dubai’s real estate market, which is based on a strong system of regulatory legislation that guarantees the rights of all,” said Majida Ali Rashid, assistant director-general and head of the Real Estate Investment Management and Promotion Center, the investment arm of the Dubai Land Department (DLD).
The DLD has organised roadshows in Hong Kong, London, Mumbai and Shanghai, the last two of which generated Dh1.2 billion and Dh800 million of investments, respectively. The DLD now plans to explore new destinations for promoting the emirate’s attractive real estate market through its flagship event, the Dubai Property Show. The DLD last week signed an agreement with Sumansa Exhibitions, the organiser of the show, to take Dubai’s real estate across the globe. Majid Al Marri, senior director of the centre’s Real Estate Promotion Department, said earlier that a total of 217 nationalities have invested in the emirate’s real estate over the past 18 months.
On Saturday, the DLD said it had signed an agreement with Mashreq Bank concerning banking solutions for the transaction services of the ‘Tarweej’ real estate promotion initiative.
Under the agreement, Mashreq will provide banking services for real estate transactions made both inside and outside of the country. In addition, the bank will receive priority as a partner for real estate promotion in accordance with the laws applied in each country, and will provide real estate customers and investors with consultation and information on products to meet their needs.
The agreement was signed by Sultan Butti bin Mejren, directorgeneral of the DLD, and Abdul Aziz Al Ghurair, chief executive officer of Mashreq Bank. “We have reached this agreement with Mashreq Bank based on our mutual interest in supporting and strengthening our cooperation,” said Bin Mejren.