The Land of Golden Opportunity
A new framework in Dubai aims to attract FDIs to appreciate the real estate value of the emirate
Dubai Land Department (DLD) and Dubai Investment Development Agency (Dubai FDI), part of Dubai Economy, joined forces to lay down a general framework that would enhance the attractiveness of investment in Dubai by attracting foreign direct investment (FDI), expanding the scope of promotions and knowledge sharing as well as organising joint activities that will directly serve the strategic objectives of the emirate. To achieve these objectives, the two parties signed a memorandum of understanding (MoU) defining the relevant areas of cooperation and laying out a roadmap.
The MoU sheds light on the most prominent areas of cooperation between the two parties, which include joint cooperation and the exchange of information in the fields of promoting and attracting investments of all kinds in accordance with the laws and regulations enforced in Dubai. The MoU also seeks to successfully promote Dubai as a major destination for economy, trade, events and real estate investment; enhance the emirate's capabilities related to international trade; and attract global and regional companies to establish offices in the emirate.
Both parties are committed to encourage, enhance and facilitate FDI and develop cooperation in the areas of business sector interest relevant to both parties. The parties will also cooperate in organising local and international events and exhibitions, which includes organising digital and non-digital exhibitions and seminars to attract foreign investment to Dubai, joint cooperation in exchanging knowledge, information and best practices applied by them, and a commitment to permanent and effective cooperation in streamlining all matters that would facilitate the affairs of both parties and investors towards joint work.
Sultan Butti bin Mejren, Director General of DLD, commented: "Dubai has an investment environment that is attractive to FDI and has demonstrated its sustainability despite the global outbreak of Covid-19. This confirms the extent of the efforts exerted by the wise leadership to constantly consolidate and strengthen the emirate's position through new legislation and laws, such as the new foreign investment law that allowed for full foreign ownership in many economic sectors, as well as expand the scope of granting long-term golden residencies to different investor groups, which would enhance their trust and make Dubai the preferred place to live, work and invest."
Highlighting the pivotal role that FDI plays in the economic development of Dubai, Sami Al Qamzi, Director General, Dubai Economy, said: "Dubai is geographically positioned at the centre of global trade and investment. Recognising the potential of this, our leaders have given us a clear mandate to develop legislation, regulation as well as collaboration among the various government departments to strengthen this economic foundation. DLD has played an important role in developing one of the most crucial sectors that has a strong impact on economic development in the city."
Fahad Al Gergawi, CEO of Dubai FDI, welcomed the collaboration, saying: "Real estate is one of the most significant aspects of company formation, and DLD has a clear strategic and tactical vision of how this sector plugs into the city's drive to attract foreign direct investment. DLD has an impeccable track record in providing clarity and facilitating the investment journey of a company, whether it is a startup, an SME or a global corporation, from the real estate perspective. We look forward to working together to reach and surpass Dubai's FDI targets in strategic sectors."
Al Gergawi added: "Dubai is the City of the Future, the gateway to the wider region's markets, and the global hub for trade and investment. At the same time, Dubai's economic development and ease of doing business proceed in line with a strategic vision. This makes it one of the most attractive cities in which to invest and set up business. We are certain that our collaboration with DLD will accelerate the achievement of this vision."
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management sector at DLD said: "We are constantly working to develop and improve the attractiveness of the real estate sector and promote available investment opportunities, which foreign investors can obtain in the emirate's real estate market. In this context, the MoU with Dubai FDI was signed to exchange knowledge, experiences and best practices in promoting and organising events that would shed light on the available investment potential in common areas."
According to the real estate bulletin issued by Dubai Land Department (DLD) under 'Real Estate Updates,' 3,036 new investors entered the market in January and February 2021, representing 62 per cent of the total number of investors during the same period.
The bulletin highlighted the flexibility of Dubai's real estate sector since the beginning of 2021 and its adaptation to the current circumstances related to the outbreak of Covid-19. This boosted the trust of local and international investors in the emirate's real estate environment and contributed to the continuity of the flow of real estate investments from the outset of the year, reaching Dh14 billion by the end of February 2021.
The bulletin also revealed many other vital indicators of Dubai's real estate market, whereby 96,396 Ejari contracts were recorded in January and February 2021, 57 per cent of which were new contracts, and 43 per cent were renewed contracts. Seven new projects were also registered during the same period.
DLD completed over 1.4 million digital services for its customers during 2020 through its smart channels, including its website and the Dubai REST app. This is part of the digital transformation process DLD is pursuing to support the Smart Dubai vision in line with the objectives of the Dubai Paperless Strategy. It also comes as part of its efforts to establish a culture of creativity and innovation at DLD and provide innovative and creative services.
- Source: DLD
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