Dubai Land Department (DLD) has announced new initiatives that aim to establish Dubai's real estate sector as the world's leading property destination, supporting the emirate's economic diversification strategy. The initiatives will see DLD developing a new mortgage and finance law in order to stimulate investment and streamline financial mechanisms in the real estate market. 

The main objective of the initiatives is to develop Dubai's mortgage law to attract foreign investors and public joint stock companies listed on the NASDAQ market. They will also encourage alternative financing methods and enable investors to diversify their investments in the real estate sector, catering to investors with small and medium-sized portfolios.

The Executive Council will implement the initiatives with the concerned entities based on the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

Director General of DLD, His Excellency Sultan Butti bin Mejren, commented: "By developing Dubai's mortgage law, we will help real estate organisations to operate in perfect harmony and enhance their smart resources to provide the best possible services to customers, support the GDP, and create strong new investment tributaries."

Bin Mejren highlighted that DLD remains committed to pursuing best practices in the real estate sector and attracting both Islamic and private real estate investment portfolios. Alongside its mortgage law initiative, DLD has also submitted a proposal to cooperate with public joint stock companies to encourage alternative financing methods.

The development of Dubai's mortgage and finance systems will involve issuing a real estate legislation package that will have a positive impact on supporting the development of the sector. It will also strengthen partnerships between the public and private sectors to develop mortgage finance systems and mechanisms, leading to the identification of mortgage engines in Dubai's real estate market.

On a larger scale, the initiatives stress the importance of financial stability, economic diversification, government spending and the Dubai Plan 2021, and will allow the real estate market to mature by creating an enhanced property investment environment that is transparent and safe for all investors.

Bin Mejren concluded: "This strategy will be fruitful in the near future. The economy will have multiple sectors to ensure its sustainability, especially in light of the growing efforts of various government entities to work in perfect harmony to develop human cadres and qualify them to the highest standards. We look forward to being an active contributor to the sustainability of Dubai's economy and enhancing its ability to meet challenges and achieve sustainable growth as one of the world's best economies."

Source: Dubai Land Department

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