Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with Dubai Economic Council (DEC), to collaboratively prepare a detailed annual report on the prospects for the real estate sector in Dubai.

The MoU for the report entitled “The prospects for the Real Estate Sector in Dubai” was signed by Sultan Bin Mejren, director general of DLD, and Hani Rashid Al Hamli, secretary general of DEC.
 
Bin Mejren said: "This project is a progression of our long-standing and ongoing strategic partnership with Dubai Economic Council, which has involved collaborating on several projects such as reports and studies on the real estate sector in Dubai, and launching joint initiatives that aim to strengthen the role of the sector in Dubai's economy.”

“We are pleased to be opening up new opportunities for cooperation with the Council, which will enhance transparency in the real estate sector and help investors to make right decisions based on accurate data. This will allow us to maintain the attractiveness of Dubai's real estate sector and remain leaders in the competitive global market,” Bin Mejren added.  

Al Hamli said: "DLD plays crucial role in enhancing the stability of the sector to reach the highest international standards, in addition to its efforts in encouraging new investments through proving attractive investment climate in the direction that consolidate the contribution of real estate sector to Dubai's economy.”

 "The government of Dubai has paid great attention to the real estate sector, due to its vital role in promoting social stability and its positive involvement with a number of other influential sectors, most notably tourism and retail."Today, the real estate sector's contribution to Dubai's GDP exceeds 13 per cent", Al Hamli added.

He noted that the accuracy of the report's data will be one if its key qualities. The data will be taken mainly from DLD's rigorous database, and used as a basis for further analyses related to the sustainability of the real estate market in Dubai and approaches to enhance its competitiveness in the regional and global arenas.
 
Al Hamli explained: "Despite the uncertainty surrounding the global economy and the perceived slow down in many regions; Dubai has experienced ongoing economic growth from 3.5 per cent in 2010, to 4.6 per cent in 2013, and then to 4.1 per cent in 2015. Economic growth reached 4 per cent at the end of 2016, which is higher than the global rate.”

Al Hamli stressed that the increase in Dubai development projects, in line with Dubai Plan 2021 and preparations for Expo Dubai 2020, will be drivers for further growth in Dubai's real estate sector. – TradeArabia News Service