Sunday 21 October 2018
 
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Dubai, World Bank explore PPP in real estate sector

DUBAI, 11 days ago

Nearly 50 global consultants, specialists, and experts in the property sector discussed issues related to public-private partnerships (PPPs) in the real estate sector at a key industry event in Dubai.

The two-day 'Global Consultations on PPPs in Land Administration' seminar was jointly organised by Dubai Land Department (DLD) and World Bank.

It was aimed at gathering critical insights from the government on the challenges to implementing PPPs in land administration besides understanding the commercial appetite of the private sector and their expectations and perceptions of risk, and review and provide feedback on preliminary tools developed to facilitate PPPs in land administration.

Sultan Butti bin Mejren, the director-general of DLD, said the event would contribute to the exchange of knowledge between different international experiences in PPPs in the real estate sector through the participation of international consultants and experts.

He stressed the importance of the consultation in promoting real estate work and land administration between the public and private sectors, and the need for all parties working in this sector to cooperate in order to provide expert specialised advice, elevating the quality of real estate practices and services for the benefit of all customers and individuals.

Anna Wellenstein, the director of Global Practice, Urban, Rural, and Land at World Bank Group, and Dr Wael Zakout, the senior technical advisor for Land and Geospatial Issues, took part in the consultation.

Participants agreed that PPPs for land administration generated considerable interest and are a key mechanism to rapidly address the deficit of affordable and efficient land administration services in many emerging economies.

"Dubai has been selected as a venue to organise this important international consultation in recognition of its outstanding expertise in land regulation and of its ability to mobilise support and global recommendations for land regulation policies that enable relevant segments to gain access to their needs at affordable costs," noted Wellenstein.

According to the reports presented by the speakers, 70 per cent of the world's population does not have access to affordable land administration services, which impacts individual tenure security as well as restricts private sector investment and development.

PPPs have been successfully launched in sectors such as water and electricity, yet remain poorly understood in the land sector, especially in emerging economies.

This consultation will be the first of its kind to explore this innovative theme and will provide an early opportunity for the public and private sectors to network together.

The Global Land and Geospatial Unit of the World Bank contracted a consultancy to develop knowledge in relation to PPPs in land administration.

The objective is to develop analytical and operational tools to inform the development of PPP schemes for the provision of land administration services in developing countries.-TradeArabia News Service




Tags: World Bank | Dubai | real estate | DLD | Public-private partnerships |

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