The Dubai Department of Economic Development (DED) and the Foreign Investment Office (FIO) have recently signed a Memorandum of Understanding (MoU) with the Dubai Real Estate Corporation (DREC) to attract international investors to do businesses in Dubai. The MoU emphasizes collaboration, resource sharing and streamlining of specialist functions between the two Dubai government departments.
As part of the MoU, the Foreign Investment Office will provide potential investors with business solutions and access to project information from the Dubai Real Estate Corporation. The Corporation, in turn, will provide the Foreign Investment Office with data, analysis and forecasts to enhance its knowledge and outreach function.
His Excellency Mr Sami Al Qamzi, Director General, DED, and Hesham Al Qassim, Chief Executive Officer, Dubai Real Estate Corporation signed the agreement. Officials from DED and DREC attended the signing ceremony held recently at DED headquarters in Deira.
Mr Al Qamzi said: “The increased synergy between the agencies will boost the performance of each department and strengthen Dubai’s appeal as a pro-business investment destinationâ€.
“The Government of Dubai has invested heavily in developing and sustaining the city’s state-of-the-art infrastructure and continuously streamlines procedures and regulations to ensure that they remain investor friendly in changing business climates,†Mr. Al Qamzi said. “It is through lasting partnerships with our peers in the government and the private sector that we will ensure a return to robust economic growth.â€
“Dubai is easily accessible and has an efficient financial services industry and excellent internal and external logistics network. This places it in the league of the world’s most efficient and dynamic business centres. Diversification has been the keyword in Dubai’s success story and today, the Emirate has successfully positioned itself as the hub of trade, tourism, IT, media, finance and healthcare in the region,†Mr Fahad Al Gergawi, CEO of the Foreign Investment Office.
Hesham Al Qassim said: “Dubai Real Estate Corporation acknowledges the strategic significance and responsibility associated with its affiliation with the Department of Economic Development. This will serve as another catalyst in driving the different commercial sectors in Dubai, in particular, via our extensive portfolio of industrial, commercial, hospitality, leisure and residential real estate interests, help in facilitating the Emirate’s continuing focus on being an international business centre.â€
About Department of Economic Development (DED):
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.
DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.
Dubai Real Estate Corporation (DREC):
Dubai Real Estate Corporation (DREC) is established by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in June 2007 through Law Number 14.
DREC’s activities encompass owning and managing its properties registered under the name of the Dubai Government. Its mandate extends to building, investing in and utilisation of commercial and industrial lands and properties.
Besides focusing on property development, leasing and facilities management for its diverse portfolio of commercial, residential, hospitality, leisure and industrial assets, DREC is rapidly diversifying into special urban development projects, while offering consultancy in asset management.
DREC contributes to the sustainability of Dubai’s urban growth while expanding its asset base by providing unique projects that satisfy market needs and exceed customer expectations.
