The Dubai Land Department (DLD) has signed agreement with Wasl Asset Management Group, a subsidiary of Dubai Real Estate Corporation. According to the agreement the group will join the second initiative launched by DLD through the center for Promotion and Management of Real Estate Investment, the real estate investment arm of the Department.
The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD and His Excellency Hesham Abdullah Al Qasim, CEO of Wasl Asset Management Group.
“The DLD is keen to lay the foundations for strategic cooperation between the two parties based on our determination to support and strengthen cooperation in effective, acceptable and satisfied way to develop the business and activities related to real estate sector. We will cooperate in the technical aspects, training, operation and develop the real estate sector in the Emirate of Dubai” says Bin Mejren.
He adds that the aim of the real estate development initiative (Tanmia initiative) is to revitalize the real estate market by focusing on existing projects in all categories and targeting government & private institutions to take advantage of those projects. DLD Director expresses his pleasure that Wasl has joined this scheme as the first beneficiary of the program aimed at finding unique investment opportunities along with other comprehensive services offered along with this plan.
Majida Ali Rashid, Senior Director of planning and institutional development, president of the Center for Promotion and Management of Real Estate Investment says that the recovery of property sector and protection of the individual or corporate investments are the priorities in DLD. She adds that the mechanism of the initiative is dynamic and accurate starts at inventory of all stalled projects and determine the ratios of achievement and the study of its legal status and then offering these projects for sale or lease to interested parties to meet the needs of government and non-governmental organizations.
She stresses that the initiative drives its success from providing the necessary guarantees for the various parties along with a comprehensive marketing plan inside and outside the emirate. According to the agreement, the DLD will spot unique investment opportunities to help Wasl in taking the appropriate decisions and to provide a unique investment environment through the provision of time, effort and money saving measures taking into account the best practices and standards through all stages of the process. Starting from identification of the property, proposal (for buying the intended project) and the evaluation. The proposal will recommend the appropriate price. Necessary steps will be taken in regard of the liquidation of project, settlement of rights and legal obstacles and restrictions associated with the project.
Commenting on the signing of the agreement, HE Hisham Abdullah Al Qasim, CEO of Wasl group said: Tanmia is a development program aimed at creating comprehensive investment opportunities and the provision of services to the new investors. Under the agreement signed, the DLD will assist Wasl in taking the appropriate decisions for real estate investments as the Department offers a favorable investment environment for all concerned parties and follows the best practices and standards in the sector".