The Dubai Land Department (DLD) has unveiled a new mortgage and finance law aimed at attracting foreign investment portfolios in line with its efforts to strategically diversify and stimulate the real estate investments in the emirate.

It will help catalyse opportunities for partnerships and investments’ financing in the real estate sector, said a top UAE-based developer.

"This initiative will enable many Dubai-based developers to create additional investment partnerships and projects boosting the emirate’s real estate market which has significantly been improving," remarked Muhammad BinGhatti, the CEO and head of architecture at Binghatti Developers.

"We expect this initiative to have a positive impact on the sector as it would enable local real estate companies to exchange experiences with various foreign ones. This will extensively improve services and products and modernize investment streams to strengthen the sustainability of investments in the market," he added.

BinGhatti said this strategic DLD move is expected to raise the money value in the market and make the economic environment a more attractive, competitive, and innovative one.

"Under the current context of security and economic stability in Dubai, this initiative will provide all the means to facilitate the financing of residential units’ purchases by investors of all sizes," he stated.

According to him, this initiative is in line with the Dubai Plan 2021, which aims to make of Dubai one of the best cities in the world as it celebrates the UAE's 50th anniversary.

"The development of mortgage and finance systems in the real estate sector will allow local developers to create partnerships with various foreign companies willing to invest funds in Dubai," he added.-TradeArabia News Service