Sheikh Mohammed sets up Dubai committee to streamline real estate development
Committee to ensure balance between supply and demand
Dubai: A Higher Real Estate Planning Committee has been established on Monday in Dubai to bring about a right balance between supply and demand, avoid launching similar real estate projects and ensure projects add real value to the national economy.
His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, yesterday issued directives to form the committee under the chairmanship of Shaikh Maktoum Mohammed Bin Rashid Al Maktoum, , Deputy Ruler of Dubai, and membership of senior real estate developers.
On his official twitter page, Shaikh Mohammad said: “We instructed Shaikh Maktoum to ensure that semi-government real estate companies do not compete with private investors and to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next ten years”.
Membership of the committee includes the General Secretariat of the Dubai Executive Council, Dubai Land Department and semi-government development companies include Investment Corporation of Dubai, Wasl Properties, Dubai Properties, Emaar, Meraas and Nshama, Nakheel, Meydan, Dubai Silicon Oasis Authority, Dubai South and Dubai Multi Commodities Center.
The committee aims to regulate the real estate sector in Dubai and develop a clear and deliberate strategy to achieve an added value to real estate projects in the emirate. This is to enhance the competitiveness of the real estate sector as a whole and highlight its attractiveness as a key driving force to Dubai's economy, which is witnessing steady progress in all sectors.
It will also work to consider the needs of the real estate market in a comprehensive manner, to ensure that real estate projects are not duplicated, and to avoid competition among big developers to small private investors. The committee will also work to ensure the uniqueness and excellence of new mega projects to generate a positive return on the macroeconomic of the emirate. The Chairman of the Committee shall have the right to add to or cancel membership of the committee as required.
The committee will assess the current situation of the real estate sector at all levels in Dubai, study the needs of the market, evaluate all future real estate projects, develop an integrated plan for the real estate sector to regulate and control the pace of work on projects, and achieve a balance between supply and demand. It will also hint real estate developers to develop new and innovative projects focusing on quality rather than quantity, and will achieve the economic objectives of the emirate within a comprehensive framework that supports various vital economic sectors within an integrated development vision.
Shaikh Mohammad’s move comes in line with the letter of the new season in which he sent a strong message to all ministers, officials and leaders in the UAE. He highlighted six significant guidelines need to be taken into account by ministers, officials, leaders and Emiratis.
It also come one day after Shaikh Mohammad chaired a cabinet meeting in which he approved the setting up of a committee to be tasked with implementing and following up the six guidelines.