Big Project ME October 2019

Page 22



Real estate

Righting the Balance


Big Project ME speaks to leading developers and analysts to understand how the market views the recent establishment of a higher committee for real estate in Dubai October 2019 |


t the start of September, HH Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, announced that a higher committee for real estate, headed by HH Deputy Ruler Sheikh Maktoum bin Mohammed and senior property developers, would be formed to help strike a balance between supply and demand in the emirate’s real estate sector. Sheikh Mohammed added that the body will aim to avoid the duplication of projects and ensure that they add value to the economy. In addition, he said that Sheikh Maktoum will ensure that semigovernmental real estate companies do not compete with the private sector and

that over the next decade, a strategic comprehensive plan will be developed for all property projects in Dubai. The initiative came in the wake of an open letter published by Sheikh Mohammed, which listed six main points addressing government work and Emiratisation, services and the country’s economy. “We are not one of the countries that move according to the average economic rates. We are a country that seeks to achieve time-saving economic leaps,” HH wrote in the letter. “In the next phase, we need [to pitch] quality projects, exceptional ideas to boost our economy. Real estate projects need to control their pace to bring added value to the national economy so as


dwellings per annum – the average level of residential completions in Dubai over the past three years

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