The Dubai Land Department (DLD) has launched an ambitious initiative aimed at transforming the city into a leading global hub for real estate technology. Dubbed the Real Estate Evolution Space Initiative (REES), this groundbreaking endeavor is set to revolutionize the urban landscape, aligning closely with Dubai’s Economic Agenda D33.
The initiative was announced as part of a broader collaboration with the Dubai Chambers to form the Dubai PropTech Group, which seeks to attract technological innovators in real estate from around the globe. This strategic partnership focuses on developing real estate innovations (PropTech), financing technology companies, and linking ventures with potential funding opportunities like venture capital firms. Additionally, it aims to leverage artificial intelligence to advance the sector.
Marwan bin Ghalita, a key spokesperson for the DLD, emphasized that the REES initiative is a crucial step towards achieving the goals outlined in Dubai’s comprehensive economic plan. He stated, “By embracing policies of AI-driven transformation, we aim to establish Dubai as a destination for technology and innovation companies worldwide. The future of real estate will see significant revolution and transformation, driven by strategic programs and partnerships across public and private sectors.”
The REES Initiative aims to develop a thriving innovation environment within the real estate sector by fostering collaboration between private and governmental entities. This collaboration is intended to support innovative solutions that enhance the competitiveness and sustainability of the industry. Furthermore, the initiative will improve the DLD’s technological capabilities, thereby boosting operational efficiency and enhancing user satisfaction.
Majida Ali Rashid, CEO of the real estate development sector at DLD, highlighted the significance of the REES Initiative, describing it as a major regional move towards real estate innovation. She noted that the initiative is designed to support and attract PropTech companies to Dubai and showcase leading technological solutions that are applicable in various markets.
As part of its strategic actions, the DLD plans to launch a real estate accelerator to support startups in the PropTech field, backed by funding from the Dubai Future District Fund. The department will also forge partnerships with key players in the real estate market to bolster support for the initiative, while working to identify and implement global solutions to widespread industry challenges. This comprehensive approach underlines Dubai’s commitment to redefining the real estate sector through innovation and technological integration.
