CW In Focus | Dubai's Higher Committee for Real Estate Planning
Construction Week's exclusive YouTube show explores the nitty-gritty of the new committee approved by HH Sheikh Mohammed
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, recently approved the formation of Higher Committee for Real Estate Planning – chaired by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.
According to the Dubai Ruler, the committee will ensure that “semi-government real estate companies in Dubai [do not] compete with private-sector investors”.
Organisations such as General Secretariat of Dubai Executive Council, and Dubai Land Department, alongside semi-government companies including Investment Corporation of Dubai, Emaar, Nakheel, Dubai Properties, Wasl Properties, Meraas, Nshama, Meydan, Dubai Silicon Oasis Authority, Dubai South, and Dubai Multi Commodities Centre are part of the committee.
The committee will assess real estate market conditions, study market needs, evaluate future real estate projects, and develop an integrated plan for the local property sector to achieve a balance between the sector’s supply and demand.
In an Arabic-language report, Dubai Media Office announced that the committee’s efforts would seek to increase the real estate sector’s competitiveness and drive economic growth in Dubai.
The report added that the committee also aims to study the needs of the real estate market in a comprehensive manner, to ensure that real estate projects are not duplicated, and to avoid competition from big developers to small, private investors.
Additionally, according to the Arabic-language report, the committee will work to ensure “the uniqueness and excellence of new megaprojects" to ensure positive macroeconomic returns.
The chairman of the committee will have the right to add or cancel members as required.
The move came a day after Sheikh Mohammed called for continued economic growth through projects and real estate developments for the coming season in an open letter, which was published through the Dubai Ruler’s official Twitter account.
'The Letter of the New Season', as the title read, outlined six main objectives for the coming period, among which was a call for real estate projects to “adjust their pace” and provide added value to the national economy.
In this episode of Construction Week In Focus, Ranju Warrier, reporter at Construction Week, outlines key details of the newly formed committee.
Construction Week In Focus is a twice-weekly bulletin of the Middle East's top news from the real estate development and contracting sectors. The series is hosted on Construction Week's YouTube channel, alongside weekly series published by its sister titles. The latter includes MEP Engineered by MEP Middle East, FM Live by facilities management Middle East, and Heavy Metal by PMV Middle East.
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Construction Week In Focus episodes are published each Sunday and Wednesday. Heavy Metal episodes are published on Mondays, and FM Live updates are presented on Tuesdays. MEP Engineered rounds off the week each Thursday. All videos are published at 4.30pm Dubai time.