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Eye of Riyadh
Business & Money | Sunday 19 May, 2024 10:54 am |

Dubai Land Department launches initiative for real estate technology

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.


The event brought together over 200 sector partners, officials and experts. It featured several sessions and debates on the main trends of the international real estate technology market, exploring opportunities and potential with participation from 25 specialised companies, including 11 exhibitors and 14 companies represented by panellists.


The Dubai PropTech Group was launched in collaboration between the DLD and Dubai Chambers. DLD established several strategic partnerships, including Dubai Future District Fund Investments, Mantiq Technologies Limited, Omnes Media, Al-Safar & Partners Legal Consultancy, Stryber Ventures MENA Limited, and EKUIPLUS DWC.


These aim to 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, and share reports on artificial intelligence.


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 worldwide. 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."


Through the REES Initiative, DLD aims to develop the innovation environment in the real estate sector in cooperation with partners, enhance collaboration between the private and government sectors to support innovative solutions that strengthen the field's competitiveness and sustainability, and boost 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.


Majida Ali Rashid, CEO of the Real Estate Development Sector at DLD, emphasised that the 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 markets.


To achieve the initiative's objectives, DLD will work to adopt and approve many strategic initiatives, including launching the real estate accelerator project to support startups in PropTech, with funding from the Dubai Future District Fund, and concluding partnerships with Influential entities in the real estate market, while independently working to find global solutions for broader industry challenges.


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