DUBAI (WAM)
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of Dubai Real Estate Corporation, today met with the corporation’s Board of Directors to approve its budget for 2025.
During the meeting, the board reviewed the financial statements of the corporation and its subsidiary, Wasl Group, for the period from January to October 2024, which showed a 28 percent increase in revenues compared to the same period in 2023.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said the strong performance of the real estate sector, which remains a key pillar of Dubai’s economy, reflects the emirate’s rapid progress in achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for sustainable development.
The sector’s growth contributes significantly to the goal of the Dubai Economic Agenda D33 to transform the city into one of the world’s top three urban economies, he added.
Sheikh Maktoum highlighted Dubai’s ability to adapt to global challenges and attract high-quality investments and talent, reinforcing its growth as a global commercial hub.
His Highness highlighted the real estate industry’s positive economic impact, which extends beyond GDP to key sectors such as infrastructure, tourism, and hospitality. The sustained growth momentum of the real estate sector supports Dubai’s goal to become a city of the future and a model for urban development, offering the world’s best environment to live, work, and invest.
His Highness underscored the importance of flexible and market-aligned regulatory frameworks in creating optimal conditions for investors. He further emphasised Dubai’s successful partnership with the private sector, which protects and supports investments in a secure environment.
Sheikh Maktoum reaffirmed Dubai’s commitment to offering supportive measures and incentives, which are critical to consolidating its status as a preferred global investment destination.
The board meeting discussed several topics including the Wasl Group's digital transformation strategy and the latest developments and plans for its future projects. The Board of Directors highlighted the Dubai Real Estate Corporation’s roadmap to achieving excellence in the real estate, hospitality and leisure sectors, aligning with Dubai's ambitious vision to consolidate its position as the world’s best lifestyle and investment destination.
Wasl Group, through its innovative real estate projects, aims to support the goals of the Dubai Economic Agenda D33 to double its economy and transform the city into one of the world’s top three urban economies. The Group’s diverse real estate portfolio includes over 55,000 residential and commercial units, more than 35 hotels, several premier leisure facilities such as golf courses, and over 5,500 industrial land plots.