In support of Dubai’s Economic Agenda D33 and its ambitious goals to make Dubai a major innovation hub; Dubai Land Department (DLD) has launched the Real Estate Evolution Space Initiative – ‘REES’, which will gather thought leaders and industry professionals to spur a wave of progress capable of redefining the urban landscape.
Alongside this, The Dubai PropTech Group was launched in collaboration between the Dubai Land Department and Dubai Chambers. DLD established several strategic partnerships, which aim to support and develop real estate innovation, attract technology companies specialised in real estate to Dubai, enhance the innovation ecosystem in PropTech, finance and support real estate technology companies, connect the ‘REES’ Initiative with funded companies such as venture capital firms, share reports on artificial intelligence, and explore other areas of cooperation.
Marwan bin Ghalita said: “REES’ stems from our supportive efforts to achieve the objectives outlined in the Dubai Economic Agenda, specifically contributing to making Dubai a leading hub for innovation. We proceed along this path through embracing and adopting policies of AI-driven transformation, making Dubai a destination for technology and innovation companies from around the world. The future of real estate is set for revolution and transformation. This initiative will provide the sector with strategic programmes and partnerships with both public and private sectors, enhancing our pursuit of creating ideal solutions for all current and future challenges.”
The goals of the ‘REES’ Initiative
Through the ‘REES Initiative’, Dubai Land Department aims to achieve several goals, primarily to develop the innovation environment in the real estate sector comprehensively and systematically in cooperation with partners. It also seeks to enhance collaboration between the private and government sectors to support innovative solutions that strengthen the competitiveness and sustainability of the field. Additionally, the initiative hopes to enhance the department’s capacity to acquire the best technologies across subsets, improving operational efficiency and user satisfaction.
The initiative will contribute to providing a supportive infrastructure for real estate innovations, including aiding legislation and funded accelerators, enhancing the competitiveness of local PropTech companies in global markets through DLD’s global partnerships, and establishing a business group for these firms under the umbrella of Dubai Chambers, to enhance its role in developing systems.
Majida Ali Rashid, CEO of the real estate development sector at DLD, emphasised that the ‘REES Initiative’ is the most significant in the region for real estate innovation. She noted that it is designed to support and attract companies specialising in PropTech from Dubai, while also highlighting the leading technological solutions in the local sector that align with both multiple markets.
In order to achieve the objectives of the ‘REES Initiative’; Dubai Land Department will work to adopt and approve many strategic initiatives, including launching the real estate accelerator project to support startups in the field of PropTech, with funding from the Dubai Future District Fund, and concluding partnerships with the most important influential entities in the real estate market to provide further such support, while independently working to find global solutions for broader industry problems and challenges.