A memorandum of understanding (MoU) between Dubai Chambers and the Dubai Land Department (DLD) aims to promote transparency in the rental market in Dubai and strengthen the investment ecosystem in the emirate.
The MoU will allow business councils and groups under the umbrella of Dubai Chambers to own and rent real estate and offices in the emirate, offering an “ideal work environment” for the business community.
Abdul Aziz Al Ghurair, chairman of Dubai Chambers, said the agreement establishes a strategic partnership that complements the chambers’ 2022-2024 strategy and ongoing efforts to boost confidence in the real estate sector.
He added that the agreement is the latest of many efforts and initiatives Dubai Chambers is launching to ensure a favourable business environment in Dubai and cater to the changing needs of companies in the emirate and the emirate’s growing appeal among foreign investors.
Sultan Butti bin Mejren, DLD’s director general, said: “Dubai Land Department’s efforts align with the directives of the wise leadership to establish a global-best economy that keeps abreast of the most prominent current and future global developments and practices, particularly regarding the real estate sector. The MoU with Dubai Chambers comes in line with our keenness to improve the experience of customers and investors while also providing a safe and attractive real estate environment.”
Bin Mejren added: “This cooperation with Dubai Chambers aligns with both our visions and we look forward to achieving the desired results and aspirations, which in turn will enhance the emirate’s global leadership in real estate investment, as well as empower the real estate community through seamless services and integrated data.”
As of October 24, Mohammad Ali bin Rashed Lootah will serve as the next president and CEO of Dubai Chambers. His nomination follows the August resignation of Hamad Buamim, who served as the chamber’s president and CEO for 16 years.
