Dubai Land Department (DLD) has successfully concluded a major international workshop to examine best global practice in real estate. Titled; ‘Dubai’s Real Estate Model in the Light of International Practice,’ the January 5 symposium was organised by LD’s educational arm, the Dubai Real Estate Institute (DREI), and welcomed dignitaries and officials from local and international organisations, with 25 countries represented.
The one-day workshop took place at the same time that DREI signed cooperation agreements with three international organisations; the International Real Estate Federation, the French Association of Realtors and the Lebanese Association of Realtors. The partnership arrangements will facilitate exchanges and cooperation between the organisations and the institute, which provides high quality real estate education and market knowledge to stakeholders.
“This important workshop addressed a number of vital topics relating to real estate, such as the United Nations’ framework for real estate regulation and its programme for sustainable cities. The World Bank’s Doing Business Index and its corporate governance initiative were two more major issues that were also analysed,” said Sultan Butti Bin Mejren, Director General of DLD. “The strategic significance of the symposium was enhanced through the participation of the International Federation of Real Estate, who partnered with DREI to organise the event, as well through the many official bodies and other international organisations who attended,” he added.
Opening the workshop, Sultan Butti Bin Mejren stressed the important role played by DLD since its inception fifty years ago in the renaissance of Dubai and the evolution of its real estate sector. He outlined the industry’s regulatory, legislative and executive achievements in light of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. He also noted the ambitious plans for the future, which will be launched by the department in preparation for World Expo 2020. While Mrs. Majida Ali Rashid, Assistant Director General and Head – Real Estate Investment Management and Promotion Center, the investment arm of the Government of Dubai Land Department (LD) discussed the real estate market and the future prospects to encourage investments.
One of the main recommendations to come out of the DREI workshop was to make Dubai a model for real estate, particularly in the areas of investment, management, education, and registration. It was agreed that using the city as a good case study was an initiative that would help emerging local real estate markets. Advice was also given to countries in the region to join the United Nations’ Global Compact Cities Programme, with workshop participants appealing to authorities overseeing land registration to improve their competitiveness in terms of property registration and implementation of the World Bank’s Doing Business Index. All agreed on the importance of training the real estate as a key factor in the development of the real estate market.
The workshop concluded by re-visiting its main agenda objectives, which participants said had been achieved; namely to view Dubai’s real estate sector in the areas of promoting and managing investments, organisation and registration; to understand the mechanism of action of real estate markets in developed countries; to disseminate best practices for the sector and to clarify the strengths and weaknesses of various global real estate markets. Certificates were distributed to participants at the end of the workshop.
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