Sheikh Maktoum approves Dubai Real Estate Corporation’s 2025 budget, highlighting real estate's vital role in Dubai’s growing economy.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Chairman of Dubai Real Estate Corporation, chaired the board meeting on Sunday. The meeting centred around the approval of Dubai Real Estate Corporation’s 2025 Budget, and its subsidiary, Wasl Group.
The financial statements for January to October 2024 showed a 28% revenue growth compared to the same period in 2023. This reflects the consistent performance of Dubai’s real estate sector. It is also showing how real estate is a critical pillar of the emirate’s economy.
DRIVING DUBAI’S ECONOMIC VISION
His Highness emphasized that the strong real estate growth aligns with Dubai’s commitment to sustainable development. It also supports the goals of the Dubai Economic Agenda D33, which aims to position Dubai among the world’s top three urban economies.
He praised Dubai’s resilience in adapting to global challenges and attracting high-quality investments. In particular, the real estate sector not only contributes to GDP but also drives growth in key areas such as infrastructure, tourism, and hospitality. His Highness also noted that this progress is helping Dubai evolve as a global model for urban development. By doing so, Dubai offers an excellent quality of life for residents and investors alike.
DUBAI’S BUSINESS-FRIENDLY ENVIRONMENT
Sheikh Maktoum underlined the attractiveness of Dubai's flexible regulatory frameworks. These regulations protect investments while enhancing cooperation between the government and the private sector. He reaffirmed Dubai's commitment to offering supportive measures, making the city a top choice for global investors. Such measures include the Dubai Golden Visa and full property ownership rights.
WASL GROUP’S IMPACT ON DUBAI’S ECONOMIC DEVELOPMENT
The meeting highlighted the influence of Wasl Group on Dubai’s real estate market. Managing more than 55,000 residential and commercial, the group oversees over 35 hotels and 5,500 industrial plots. These all align with the Dubai Economic Agenda D33, thus supporting economic growth and urban excellence.
Wasl Group's roadmap includes innovative real estate projects and digital transformations. It further strengthens its hospitality and leisure offerings. Such investments will in turn attract investors and increase the appeal of Dubai as a city aspiring to become one of the leading destinations for lifestyle and business.
KEY DRIVERS FOR THE SECTOR’S GROWTH
Several factors drive growth in Dubai’s real estate market. Low taxes and economic stability are particularly attractive to global investors. But, Dubai is also known for its safety and competitive property prices. To top it all off, rental yields in the city often outperform other global markets. So it's an attractive real estate market for both investors and residents.
Dubai also promotes a business-friendly environment, strengthening its status as a global commercial hub. For example, initiatives like the Dubai Economic Agenda D33 are playing a key role. This initiative aims to double the economy in the next decade. With this initiative and many more, Dubai further ensures sustainable growth.
FUTURE OUTLOOK FOR DUBAI REAL ESTATE
The Dubai Real Estate Corporation focuses on excellence in key sectors. It works to advance real estate, hospitality, and leisure projects. The company's strategies complement Dubai's ambitious vision of a global destination that attracts investors, workers, and residents.
As Dubai continues to attract foreign investments and talent, its real estate sector is set to play a vital role in shaping the city’s future. His Highness Sheikh Maktoum bin Mohammed leads with a focus on innovation. Under his leadership, Dubai remains committed to progress.
Wasl Group and the Dubai Real Estate Corporation are enhancing Dubai's continued growth with a forward-thinking approach. Both parties are looking towards a brighter future, where Dubai's real estate market continues its global appeal. So their efforts ensure Dubai meets the transformative goals highlighted in the Dubai Economic Agenda D33.
Ryan Keeler | Nov 25, 2024
