Hamdan bin Mohammed Reviews Progress of Dubai Real Estate Strategy 2033

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, reviewed the Dubai Land Department's (DLD) operations and progress in implementing the Dubai Real Estate Sector Strategy 2033 during a meeting held at The Executive Office.

The strategy aligns with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to position the emirate as a leading global economic hub and premier destination for real estate investment.

Sheikh Hamdan emphasised that Dubai's robust economic growth and global appeal necessitate the expansion of real estate projects. He highlighted the emirate's secure investment environment, supported by laws safeguarding investor rights, as a critical driver of the sector’s success.

Marwan Ahmed bin Ghalita, Director General of the DLD, presented key initiatives under the Dubai Economic Agenda D33, aiming to place Dubai among the world’s top three urban economies. The agenda focuses on integrating advanced technologies, centralising data, and enhancing investor and customer experiences.

Bin Ghalita also outlined future goals to strengthen public-private partnerships, foster innovation, and boost customer satisfaction through artificial intelligence.

As of November 2024, Dubai recorded 188,000 real estate transactions valued at AED625 billion, reflecting a 38% increase in volume and a 23% rise in value compared to 2023. Property sales alone exceeded AED437 billion, marking a 33% year-on-year growth.

The meeting was attended by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, highlighting the sector’s commitment to innovation and sustainability as key pillars of Dubai's economic agenda.

Sheikh Hamdan reiterated the vital role of real estate in driving Dubai's comprehensive development and cementing its status as a global investment hub.

News Source: Emirates News Agency