Business | Property

Young business leaders get realty break

Dubai Real Estate Corporation (DREC) and the Shaikh Mohammad Bin Rashid Establishment for Young Business Leaders on Saturday signed an agreement that will provide the latter's members with a 20 per cent discount on the lease of commercial premises owned by DREC.

  • Staff Report
  • Published: 00:45 February 10, 2008
  • Gulf News

Dubai: Dubai Real Estate Corporation (DREC) and the Shaikh Mohammad Bin Rashid Establishment for Young Business Leaders on Saturday signed an agreement that will provide the latter's members with a 20 per cent discount on the lease of commercial premises owned by DREC.

The agreement will benefit more than 3,000 organisations associated with the organisation, in addition to the 1,000 individual members by encouraging entrepreneurial investments among young UAE nationals. Small and medium scale industrial activities have long been the staple sector of the emirate's development and the core of its economy.

"Our objective is to offer the members the maximum support and provide them with facilities to establish their business. This initiative is in line with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to encourage UAE entrepreneurs to contribute to the future of their country," said Hesham Al Qasim, CEO of DREC.

Estimates indicate that between 40 and 50 per cent of the UAE's total industrial activity is facilitated by the organisation that operate in a variety of sectors; the contribution of SMEs is important to achieve the mandate of zero-unemployment among UAE nationals by 2020.

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