In support of Dubai’s Economic Agenda D33 and its ambitious goals to transform Dubai into a major innovation hub, the Dubai Land Department (DLD) has launched the Real Estate Evolution Space Initiative – ‘REES’, which will bring together thought leaders and industry professionals to spark a wave of progress capable of redefining the urban landscape.
In addition, the Dubai Land Department and Dubai Chambers collaborated to establish the Dubai PropTech Group. DLD formed several strategic partnerships to support and develop real estate innovation, attracting real estate-focused technology companies to Dubai, enhancing the PropTech innovation ecosystem, financing and supporting real estate technology companies, connecting the ‘REES’ Initiative with funded companies such as venture capital firms, sharing artificial intelligence reports, and exploring other areas of collaboration.
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 by 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 programs 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
The Dubai Land Department’s ‘REES Initiative’ aims to achieve several objectives, the primary of which is to comprehensively and systematically develop the real estate sector’s innovation environment in collaboration with partners. It also aims to strengthen collaboration between the private and public sectors to support innovative solutions that increase the field’s competitiveness and sustainability. Furthermore, the initiative aims to strengthen the department’s ability to acquire the best technologies across subsets, thereby improving operational efficiency and user satisfaction.
The initiative will help to provide a supportive infrastructure for real estate innovations, such as legislation and funded accelerators, improve the competitiveness of local PropTech companies in global markets through DLD’s global partnerships, and establish a business group for these firms under the umbrella of Dubai Chambers to enhance its role in system development.
Majida Ali Rashid, CEO of DLD’s real estate development sector, stated that the ‘REES Initiative’ is the most significant in the region for real estate innovation. She stated that it is intended to support and attract companies specializing in PropTech from Dubai, while also highlighting the leading technological solutions in the local sector that are compatible with both markets.
To achieve the objectives of the ‘REES Initiative’, the 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.
