Transparency key to unlocking investment opportunities

Dubai - Many businesses are averse to the concept, arguing that too much transparency exposes them to unnecessary risks

In the corporate world, transparency refers to the degree by which an organisation's actions are visible to outsiders.
Many businesses are averse to the concept, arguing that too much transparency exposes them to unnecessary risks and complications. Others are forced to include transparency in their agenda to comply with regulations, satisfy shareholders and boost profits. While transparency can help companies enforce industry safeguards and improve income, its true value lies in its ability to convince and assure customers and stakeholders that the company is genuinely concerned about their interests and those of the society as a whole.
Nowadays, there are three main factors affecting investor interest in our region: consistency in providing high-quality products, ability to increase capital gains by an average of seven per cent and sincerity in ensuring transparency in transactions and processes. From my personal experience on the behaviour and sentiments of property investors, the UAE has become an attractive destination for investors due its regulations that target transparency in transactions.
In my travels around the world to showcase our project, the Falconcity of Wonders in Dubai, I have been approached by many investors who are eager to learn more about the mechanics of investing in the UAE and in Dubai in particular. They are impressed by initiatives such as the doubling of transfer fees to prevent flipping, the Dubai Land Department's launching of mandatory unified real estate contracts and the green building regulations, Dubai Municipality requires all newly-constructed buildings to follow.
After discussing with them the functions and goals of the Real Estate Regulatory Agency (Rera) and the various laws in place to protect real estate investors, they become even more open to investing in Dubai.
Transparency has clearly become a major selling point for local properties. Investors and potential buyers want developers and/or agencies that are committed to the well-being of all those impacted by its operations, and who are willing to go the extra mile to share the key elements of their business processes and earn their clients' trust.
We at Falconcity of Wonders, for example, exert maximum effort to show our customers that we provide something of tangible worth to them and the community we operate in. We assure them that our development considers all the things they care about, such as the environment, value for money and the welfare of their families, among others. Therefore, we make sure that our customers are satisfied and their requirements are met at all times through our after sales service.
The UAE, especially Dubai, the country's property hub, is leading the way in efficiently planning, organising and assessing real estate licences and developing the sector's activities. The emirate has also made significant progress in monitoring the financial and technical aspects of projects to protect investors. Transparency is becoming a hallmark of the UAE's real estate and a deal-maker for international investors interested in doing business with us.
Difficult or not, transparency is setting the tone for today's highly competitive and constantly evolving real estate landscape. It might take some time and effort to fully implement, but it is the right move forward and can be achieved with the support and determination of all involved in the industry, from agents and brokers to developers and government regulators. Transparency is a key to unlocking the vibrant real estate opportunities of the future.

The writer is vice-chairman and deputy general manager, Falconcity of Wonders. Views expressed are his own and do not reflect the newspaper's policy.