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DREC launches 'Asset Management Group'

DUBAI — Dubai Real Estate Corporation (DREC), has announced the establishment of 'wasl', an Asset Management Group to oversee its rapidly expanding asset portfolio.

Key business areas that 'wasl' will be focusing on are Project Management, Property Management, Hospitality, and Investment. In line with its long term strategic ambitions wasl's project management capability will cover Residential, Commercial, Retail, Light-Industrial, Public Utilities, Educational Institutions, Leisure and Entertainment sectors.

The divisions are expected to eventually operate as independent business units, while remaining committed to wasl's global benchmark of business excellence in day-to-day operations.

Ahmad Bin Byat, Chairman, DREC said: "Growth is paramount in Dubai's mandate for the real estate sector. As an organisation that manages a sizeable land bank for Dubai, DREC and its new subsidiary, wasl will contribute to the city's strategic goals for the sector and beyond. What makes this launch even more noteworthy is that wasl will take the key experiences from Dubai's real estate sector growth to new levels of innovation and excellence."

Hesham Al Qassim, CEO, Dubai Real Estate Corporation will simultaneously lead the 'wasl' group operations in the same capacity.

He said: "The launch of the new entity is in line with DREC's endeavours to expand its asset base, and multiply its existing resources through investments in a richly diversified portfolio. This is a natural progression of our ambition to grow into a globally competitive enterprise."