Dubai is making significant strides to expand the operations of real estate investment trusts (REITs) within the city. As part of this effort, a specialized registry will be established, accompanied by enticing incentives for investors to focus on the Dubai real estate market. The ultimate goal is to generate sustainable returns for real estate investors in Dubai.
The Dubai Land Department has taken the initiative to create the REIT privileges registry and has officially opened registration for it. With the online platform designed and developed and service centers trained to handle applications, both local and international real estate investment trusts are now eligible for processing.
This crucial step aligns with Decree No. 22 of 2022, which aims to bolster Dubai’s status as a global hub for real estate investment by granting privileges to real estate investment funds throughout the emirate. The new regulations offer a range of attractive benefits to encourage REITs to consider various projects across Dubai, thus stimulating investment in the market and delivering long-term capital returns for shareholders involved in these trusts.
Sultan Butti bin Mejren, the Director-General of the Land Department, emphasized that the privileges associated with the REIT register mark a new chapter in Dubai’s journey towards a more prosperous future. This initiative aligns with the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. It also reflects the concerted efforts of the Land Department, government entities, and private sector partners to achieve the objectives outlined in the Dubai Economic Agenda D33, which prioritize foreign investment and increased private sector involvement in development projects.
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The Land Department, with its team of experts and dedicated workforce, is committed to developing a comprehensive privileges register. Their aim is to motivate eligible local and international real estate trust companies to take advantage of the registration benefits. This endeavor not only enhances the value of real estate transactions but also ensures Dubai’s competitiveness on a global scale. With these real estate investment trust plans in place, Dubai is poised for remarkable market growth.
