The Dubai Land Department (DLD) and its Chamber of Commerce and Industry signed a memorandum of understanding (MoU) according to which both organizations will direct special efforts to develop transparency in the emirate's real estate rental segment, as well as ensuring a healthy investment environment capable of attracting a stable influx of foreign investors.
Under the memorandum, business councils and business cooperation groups under the leadership of the Chamber will be able to own and lease residential and commercial real estate in the emirate, including offices. Such institutional cooperation, according to the parties, will help to create an ideal working environment for local and international business in Dubai.
Abdul Aziz Al-Gurar, Chairman of the Chamber of Commerce and Industry, pointed out that the agreement with DLD is part of the organization's global plan for 2022-24, aimed at strengthening investor and business confidence in the economic stability of the emirate. This aspiration is especially true in the current period of global destabilization.
The position of the Chamber allows it to closely monitor the mood and state of business in Dubai, as well as promptly offer solutions to its pressing problems. Including within the framework of providing a convenient workspace and infrastructure, for which they need wide access to commercial and residential real estate in the emirate.
Sultan Butti bin Meiren, CEO of DLD, also spoke about the new arrangements. In general, he pointed out that as one of the key transport, trade and commercial hubs of the global economy, Dubai needs to be at the forefront of progress, both in technical terms and in terms of creating modern and efficient infrastructures for production, trade and investment. Interaction with the Chamber of Commerce and Industry will allow the Department to give greater expediency to the development of commercial real estate segments of the emirate.
