Tue 09-11-2021 19:42 PM
DUBAI, 9th November, 2021 (WAM) -- H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, launched Dubai RE-Tech platform, a digital platform designed to support enhanced decision-making and promote growth and sustainability across the real estate sector.
The platform is part of initiatives introduced to support the implementation of the Dubai 2040 Urban Master Plan, which aims to make Dubai the world’s best city to live in. The new platform will help further enhance transparency and strengthen investor confidence in the industry.
"Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate continues to accelerate the development of its vital sectors. We aim to make Dubai’s real estate industry one of the world’s best," H.H. Sheikh Hamdan said.
"We are seeing exceptional growth in the sector with the number of investors increasing by more than 80% in a year, and the value of annual real estate transactions exceeding AED250 billion. This growth momentum reflects the resilience and attractiveness of the sector and the vast opportunities it offers," H.H. added.
The Dubai RE-Tech platform uses advanced technologies to develop an integrated real estate model based on artificial intelligence that allows players across Dubai’s realty sector to analyse big data related to the industry. It also offers tools for future scenario-based strategic planning and policy development, and for generating proactive initiatives to take advantage of opportunities and deal with diverse markets changes.
The new initiative provides a valuable tool to map the future of Dubai’s real estate sector in line with international best practices, which in turn helps boost investor confidence. The platform also encompasses an integrated and instant real estate database connected with various stakeholders in the sector, which offers industry indicators and the future outlook for the real estate market.
One of the vital sectors in the city’s economy, Dubai’s real estate industry has played a major role in attracting foreign investments, companies and startups to the emirate. This year, the sector has already seen a total of 38,000 new investors.
The Dubai 2040 Urban Master Plan launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum maps out a comprehensive plan for sustainable urban development in the emirate. Aligned with the UAE’s vision for the next 50 years, the Master Plan focuses on enhancing people’s happiness and quality of life, reinforcing Dubai’s status as a preferred global investment and tourism destination and transforming it into the world’s best city to live in.