Dubai, UAE, 2
July 2019: Dubai Land Department (DLD) announced
the launch of the Real Estate Investment Opportunities (REIOs) initiative
during a press conference held yesterday. The new initiative is a new way to
attract investors from all economic sectors.
Before the
launch of the project, a feasibility study was conducted, and the most
prominent international experiences and local and global practices were
reviewed, and a special committee was formed to follow up and develop the
project. Under this initiative, several important investment products will be
launched, most notably the collective real estate investment funds, partial title
deeds procedures to register units owned by a number of partners, the lease-to-own
system, and investment portfolio applications.
New-market catalyst
This project was
adopted as a catalyst for Dubai’s real estate sector based on the outcomes of
the Innovation Lab 2018. A law is currently being drafted for real estate
investment portfolios that is still under accreditation and review by the concerned
parties.
HE Sultan Butti
bin Mejren, Director General of DLD, said: “We have fruitful and constructive
cooperation relationships with many parties in the market, who are our true
partners in shaping the future of the real estate sector. We are proud to
launch a new investment package that enhances the attractiveness of Dubai’s
real estate environment, reaching a wider horizon of global leadership through
which we will formulate new visions, especially with Expo 2020 around the
corner. Unveiling REIOs reflects the positive impact of innovative ideas in the
real estate sector, and the efforts made by various parties in line with the National
Strategy for Wellbeing 2031 that can be implemented on-ground by integrating government work and
building strategic partnerships with the private sector and the wider economic
community in Dubai and the world.”
Bin Mejren concluded: “We are proud to see the results
of our efforts in positioning the UAE at the forefront of wellbeing, making its
people the happiest in the world. We aspire to your participation in formulating
a success story based on the contributions and support of our partners to strengthen
the strong foundations of the real estate investment approach that makes Dubai
an ideal destination for investors from around the world.”
Facilitating procedures
A special office has been approved at DLD’s Cube
centre to facilitate and unify all registration and follow-up procedures for
this project. DLD will also approve a set of special privileges relating to
real estate registration and its terms, and a special electronic contact
website will be established to provide electronic services and respond to all future
queries.
This initiative is expected to help increase
the share of investors in Dubai’s real estate market’s investments in global
real estate portfolios, strengthening the Emirate’s investment position and
competitiveness, and attracting new investments in the real estate sector. The
initiative will help find new ways to attract real estate investment to new
categories in society, create innovative investment ideas, and provide
a competitive environment that allows developers to create competitive
marketing initiatives and programmes.
HE Marwan bin Ghalita, CEO of Real Estate Regulatory
Agency (RERA), commented: “Today, Dubai’s real estate market is considered
attractive for investments, and this initiative is complemented by DLD’s
efforts over previous years in keeping pace with our aspirations to strengthen
the market in line with DLD’s vision and mission based on three key factors: trust,
innovation, and happiness. This initiative will help us emerge from the
traditional patterns of property buying, selling, and registration. These processes
require us to embrace technology and change, both of which paved the path to
launching real estate products with the participation of developers to attract
new investors. Previously, the real estate market targeted a certain class of
investors: the wealthy. Today, however, through these four products, we seek to
cover a larger segment of investors, both inside and outside the UAE, and allow
them to own properties in Dubai and benefit from high returns on investments.”
Majida Ali Rashid, CEO of the Promotion and
Real Estate Investment Management sector at DLD, affirmed that this initiative
comes in line with the pillars of the Year of Tolerance and expressed her pride
to working with innovative real estate minds that make achievement and success
a reality while making the impossible possible.
Rashid added: “We are pleased to launch the
REIOs package, which is a result of the efforts and ambitions of DLD and its
strategic partners. Together, we will be able to launch new investment products
that will promote collective investment and offer unique solutions and
privileges that make investment opportunities in Dubai available and accessible
to all segments of the local and international community.”
Rashid concluded: “Q1 2019 witnessed an 8% increase
in real estate transaction growth when compared to Q1 2018. During H1 2019, the
real estate market received investments worth AED 119 billion, while the growth
of active investors reached 2,800. Dubai’s real estate market also witnessed
the entry of a large number of new investors.”
The new initiative is the first of a series of
innovative initiatives that will contribute to the construction of a database
and an investment platform that mimics the aspirations and directives of Dubai,
in line with the UAE’s success of ranking second globally in trust in the
future of the economy.
Majid Saqr Al Marri, CEO of the Registration
and Real Estate Services sector at DLD, said: “The partial title deeds project is
a new initiative launched by DLD comprising a system that is utilised in the
world's largest investment destinations. Today, Dubai is a pioneer in new
investment opportunities to attract a wider range of investors. A unified
system means equal ownership of properties between 2 – 4 investors, and will
initially be available for hotel facilities. As for registration legislation,
we will employ the existing ones.”
Four MoUs and honouring
Four memorandums of understanding (MoUs) were
signed on the sidelines of the event, three of which involved DLD. The first
MoU was signed between DLD and Ethis Dubai to cooperate in providing
consultancy services and real estate promotion, specifically marketing and
promoting real estate research and providing consultancies for real estate
information services in the portfolio real estate cloud. The second MoU was
signed between DLD and Investbridge Capital Limited to provide advisory
services to real estate investment channels in Dubai, and the third MoU was
signed between DLD and Bester Capital Investments L.L.C to cooperate in the
fields of digital applications, and real estate investment and promotion. The
fourth MoU was signed between MAG Development and Ethis Dubai, representing the
first agreement between a real estate developer and a group investment company
under the REIOs initiative.
DLD honoured a number of people, institutions,
and companies, including: Arif Amiri from the Dubai International Financial
Centre (DIFC) Authority, the Dubai Financial Services Authority (DFSA), MAG
Development, Investbridge Capital Limited, ENBD REIT, Emirates REIT, Ethis
Dubai, Mashreq Bank, Bester Capital Investments L.L.C, Saleh Tabakh from Delta
Real Estate, Yousef Quaren from Lumi ME, and Benchmark Digital Solutions.
-ENDS-
About Dubai Land Department:
Dubai Land Department (DLD) was founded in January 1960 to establish the
most prominent real estate sector in the Middle East and the world. It provides
outstanding and integrated services to all its customers while developing the
necessary legislation to propel the real estate sector in Dubai through the
regulation of the sector, organising and
promoting real estate investments, and spreading industry knowledge in search
of regional and worldwide real estate innovation.
DLD seeks regional and worldwide innovation in real estate with the aid
of its active sectors that include real
estate registration services, real estate investment promotions, and corporate
support, and with the aid of its active
organisations that include the Real Estate Regulatory Agency, the Dubai Real
Estate Institute, and the Rental Dispute Centre.
Unified Toll Free Number:
In order for Dubai Land Department to
provide the best possible service in a rapid
manner and to ensure the comfort and happiness of our customers, it has
activated a new toll-free call centre number [8004488]. This can be used for
all Dubai Land Department and Rental Disputes Centre enquiries.