The Dubai Real Estate Corporation (DREC) and its subsidiary, Wasl Group, reported a 28% growth in revenues for the first 10 months of this year compared to the same period in 2023.
Strategic Vision and Portfolio
Through its innovative real estate projects, Wasl Group aims to support the goals of the Dubai Economic Agenda D33 to double the city’s economy and transform it into one of the world’s top three urban economies. More than 55,000 residential and commercial units, more than 35 hotels, several prestigious recreational amenities, including golf courses, and more than 5,500 industrial land plots are all part of the Group’s varied real estate portfolio.
Board Meeting and Financial Review
On Sunday, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of DREC, met with the corporation’s Board of Directors to approve its budget for 2025. During the meeting, the board reviewed the corporation’s financial statements from January to October 2024.
Sector Performance and Economic Impact
Sheikh Maktoum said the strong performance of the real estate sector, which remains a crucial pillar of Dubai’s economy, reflects the emirate’s rapid progress toward sustainable development. The sector’s growth contributes significantly to the Dubai Economic Agenda D33 goal, which is to transform the city into one of the world’s top three urban economies.
Dubai’s Global Competitiveness
Sheikh Maktoum highlighted Dubai’s ability to adapt to global challenges and attract high-quality investments and talent, reinforcing its growth as an international commercial hub. He highlighted the real estate industry’s positive economic impact, which extends beyond GDP to critical sectors such as infrastructure, tourism, and hospitality.
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Future Developments and Investment Strategy
He underscored the importance of flexible and market-aligned regulatory frameworks in creating optimal investor conditions. He further emphasized Dubai’s successful partnership with the private sector, which protects and supports investments in a secure environment. To solidify its position as a top international investment destination, Sheikh Maktoum reiterated Dubai’s dedication to providing encouraging policies and incentives.
Future Outlook and Roadmap
The Wasl Group’s digital transformation strategy and the most recent advancements and plans for its following initiatives were among the many subjects covered at the board meeting. In line with Dubai’s aspirational goal of solidifying its position as the world’s top lifestyle and investment destination, the Board of Directors emphasized the Dubai Real Estate Corporation’s road map for attaining excellence in the real estate, hotel, and leisure sectors.