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Department of Municipalities and Transport launches Abu Dhabi Real Estate Centre

(WAM)
2 Nov 2023 11:11

The Department of Municipalities and Transport (DMT) has officially launched the Abu Dhabi Real Estate Centre (ADREC), which aims to accelerate growth across the real estate ecosystem in the emirate.

The new centre will unify and strengthen the real estate sector in Abu Dhabi through a comprehensive regulatory framework to further enhance the efficiency of real estate and strengthen oversight, as well as increase transparency and support for residents, investors, real estate companies and professionals.

Using innovative tools and data, ADREC will streamline processes and strengthen operational efficiency through four focus areas: strategic planning, promotion, regulation, and transaction management.

The centre will also oversee real estate development projects and work with developers to ensure the delivery of projects that provide a good quality of life. It will also actively participate in real estate conferences and events, both locally and internationally, to promote the Abu Dhabi real estate market and attract further investment.

His Excellency Mohamed Ali Al Shorafa, Chairman of DMT, said: “With ADREC, we embark on a journey of innovation, transparency, and empowerment. Our vision is not only to grow the real estate sector but to enhance quality of life for every resident and investor in the emirate.

"ADREC's mission reaffirms our unwavering commitment to ensure a more dynamic real estate sector in Abu Dhabi that continues to attract investors worldwide with our thriving communities."

The launch of ADREC marks a pivotal moment in the development of the emirate's real estate sector. Its comprehensive strategy and focus on transparency, innovation, and collaboration, aims to increase Abu Dhabi's unique market value, making it an attractive destination for tourists, developers, residents and investors.

In 2022, the real estate and construction sector contributed Dh137 billion to Abu Dhabi’s non-oil GDP, equivalent to 23 per cent of the total contribution of non-oil sectors (Dh457 billion).

Source: Aletihad - Abu Dhabi
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