Dubai Land Department’s (DLD) and Dubai Municipality’s restructuring target will further strengthen the emirate’s “already robust” real estate sector and bolster the construction industry, according to industry stakeholders
The plan for the DLD is set to improve the competitiveness of the emirate’s real estate sector and improve operational efficiency by 20 percent.
“The most recent restructure of the Dubai Municipality and Dubai Land Department will put the entity in line with the fast changing surroundings it finds itself in. Dubai is already in the midst of a property surge, with transactions reaching $490million in a single day,” said Fazeela Gopalani, head of ACCA Middle East.
“These new operational efficiencies which will be introduced will only strengthen the fundamentals of an already robust real estate environment. What’s more, the additional transparency and accountability as a result of these changes will bolster construction whilst ensuring that the emirate is in line with a sustainable growth model.
“The Dubai economy is the most diverse in the region, and the emphasis on strengthening the Dubai Municipality’s tourism and commercial public assets will be a welcome sign to development particularly within the hospitality segment. I expect this area to continue to grow and will continue to help Dubai keep pace within the evolving nature of our world today,” she continued.
The plan, which aims to enhance investment in the real estate sector and improve governance in the sector, will include a key deliverable to make the emirate one of the world’s highest ranked cities in various real estate market indicators, including safety and transparency, in the coming years.
“Both the DLD and Dubai Municipality are a key support for the UAE economy, and a pre-emptive move like this will set a new standard for the region in terms of fostering and promoting a thriving business ecosystem,” said Rupert Tait, co-founder, Procurified.
“With the increasing scope and scale of ambitious projects in the region – Saudi Arabia’s giga-projects for one – this will ensure that the UAE keeps apace in terms of its own offering. It’s very positive news for those doing business in the region, and exciting for investors with an eye on the UAE. As a business owner in Dubai whose digital platform is so connected to the UAE construction industry, this is especially significant in terms of future potential,” he continued.