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New entity to manage Dubai govt properties
DUBAI — Dubai has set up a new public entity — Dubai Real Estate Corporation — in a move to consolidate all government real estate activities.
The new corporation will own and manage all property registered in the name of the government, the state news agency Wam said on Sunday citing a decree from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.
The new entity will operate on a commercial basis and have financial and administrative independence, Wam said.
The corporation will be responsible for all development, purchase, sale, lease and management of these properties.
“The corporation may also contract with third parties and sue and be sued in that capacity and to delegate any other person for this purpose. The corporation aims to own and manage the properties registered in the name of the government or any of its departments, including the ownership, reconstruction, investment and the use and exploitation of land and commercial and industrial real estate, located in the emirate. It will also provide building services and implementation, marketing and management of buildings and real estate and commercial properties in addition to the development, purchase, sale, lease and management of real estate properties registered in the name of the corporation,” Wam said.
Commenting on the move, Jesse Downs, Head of Management Consulting at Jones Lang LaSalle, said consolidation of government real estate activities was “always an inevitable, and frankly beneficial, consequence of the economic and real estate downturn emerging over the past three years. Consolidation allows for oversight and coordination of operations, which can facilitate sound urban planning, financially viable development and generally better economies of scale”.
“In terms of pricing and demand for real estate assets, there will not be an immediate impact,” Downs said.
The formation of the Dubai Real Estate Corporation comes as developer Nakheel, which is restructuring a $10.9 billion debt, prepares to break away from its parent company Dubai World and become wholly owned by the government as part of the Dubai World debt restructuring plan.
Dubai’s property sector has been hit hard in recent years with billions of dollars worth of projects put on hold or cancelled, while property prices slumped as much as 60 per cent.
Dubai’s Real Estate Regulatory Authority said earlier this year it cancelled as many as 217 registered property projects over the past two years. (With inputs from agencies)
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