The Dubai Land Department, DLD, announced the launch of the Real Estate Investment Opportunities, REIOs, initiative during a press conference held yesterday.
The newly-launched 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.
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.
The 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. It will also 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.
Commenting on the announcement, 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," he added.
Bin Mejren went on to note that the unveiling of the 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.
"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," he said.
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.