Dubai to allocate up to 15% quota of property sales to Emirati brokers

The agreement was signed as part of the “Dubai Real Estate Programme” to enable local talent to advance in real estate

by

Waheed Abbas

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Published: Sun 31 Mar 2024, 12:33 PM

Last updated: Sun 31 Mar 2024, 10:37 PM

Dubai Land Department (DLD) on Sunday said it signed a deal with nine private and government-backed developers to allocate a certain quota of their projects to be sold through Emirati brokers to provide more job opportunities to the locals.

In a deal signed with Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development, the regulator said the aim is to “allocate a 10 per cent to 15 per cent quota of their projects to be sold through Emirati brokers.”


The agreement was signed as part of the “Dubai Real Estate Programme” to enable local talent to advance in real estate.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.


Additionally, the agreement also entails providing guidance, professional training, and support for national talents, attracting them to the private sector and enhancing their specialised skills to establish their businesses in the real estate market.

Dubai’s real estate sector has seen massive growth in the post-pandemic period, resulting in a large number of jobs being created in the brokerage segment. Thousands of brokerage houses were established after Covid-19 as the property market witnessed unprecedented demand from local and foreign investors.

Expanding network

DLD aims to expand this network of 9 companies by signing agreements with more developers in the coming months.

Marwan bin Ghalita, acting director-general of Dubai Land Department, said this programme has been launched to “increase citizen participation in the real estate market” and to incentivise their involvement in real estate activities, thereby enhancing their engagement in one of Dubai’s pivotal economic sectors.

“We eagerly anticipate collaborating with our partners in the real estate sector to achieve remarkable outcomes that resonate with the esteemed position held by the real estate sector in Dubai, both domestically and internationally,” said bin Ghalita.

ALSO READ:


More news from Business