In a groundbreaking move, Dubai’s real estate landscape is set to transform, thanks to the Dubai Land Department’s (DLD) latest initiative. On Sunday, the DLD announced a significant agreement with nine leading developers, both private and government-backed. The deal aims to allocate a quota ranging from 10 to 15 percent of their property projects to be exclusively sold through Emirati brokers. This strategic move not only opens new doors for local brokers but also aligns with Dubai’s vision of providing more employment opportunities for its citizens.
The prestigious list of developers includes Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development. Each has agreed to earmark a portion of their project sales for Emirati brokers, signaling a robust commitment to nurturing local talent and contributing to the national economy.
This agreement forms a part of the “Dubai Real Estate Programme,” an initiative focused on empowering local talent within the real estate sector. A notable aspect of the programme is the provision of professional training, guidance, and support for national talents. These efforts aim to attract Emiratis to the private sector, enhancing their specialized skills and assisting them in establishing their businesses in the vibrant real estate market.
Dubai’s real estate sector has been experiencing a surge in growth, especially in the post-pandemic period. This resurgence has led to the creation of numerous job opportunities, particularly in the brokerage segment. Thousands of brokerage houses have emerged following the COVID-19 pandemic, responding to the unprecedented demand from both local and foreign investors in Dubai’s property market.
In an effort to further expand this initiative, DLD has plans to sign agreements with additional developers in the coming months. This expansion aims to create an even broader network of opportunities for Emirati real estate professionals.
Marwan bin Ghalita, the acting director-general of the Dubai Land Department, emphasized the significance of this programme. He stated that it was launched to enhance citizen participation in the real estate market and to incentivize their involvement in real estate activities. This, in turn, is expected to boost their engagement in one of Dubai’s pivotal economic sectors.
Bin Ghalita expressed enthusiasm about the collaboration with real estate partners, anticipating remarkable outcomes. “We eagerly anticipate collaborating with our partners in the real estate sector to achieve remarkable outcomes that resonate with the esteemed position held by the real estate sector in Dubai, both domestically and internationally,” he remarked.
This initiative by the DLD is a strategic step towards integrating the local workforce into the dynamic real estate sector, thereby reinforcing Dubai’s position as a leading global real estate hub. It not only promises growth for the sector but also ensures that Emirati professionals are at the forefront of this evolving landscape.
