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Dubai Chamber of Commerce, which is one of the three chambers functioning under Dubai Chambers, has announced the creation of six business groups that are specifically focused on the real estate sector. These groups are aimed at companies that operate in areas such as real estate development, real estate appraisal, real estate leasing, facility management, interior decoration, and engineering consultancy services.
By creating these groups, the Dubai Chamber of Commerce aims to provide a platform for productive discussions between private and public sector stakeholders. The goal is to help companies in the real estate industry to take advantage of new opportunities, overcome industry-wide challenges, and address policy issues that impact this thriving market.
The Dubai Land Department worked together with Dubai Chamber of Commerce to establish the new business groups and determine their economic activities. Sultan Butti Bin Mejren, who is in charge of the Land Department, expressed his support for the formation of the real estate business groups that will be governed by the Dubai Chamber of Commerce. The Land Department’s goal is to spread awareness about real estate and encourage ethical business practices in accordance with international standards.
The real estate business groups will provide a platform for productive discussions, educational opportunities, and networking events where members can engage with important stakeholders, including the Land Department, to have a say in policymaking and ensure a positive future for the real estate industry. In 2022, there was a noteworthy rise in rental and sales prices across various real estate sectors such as hospitality, residential, retail, commercial office space, and industrial space. CBRE reported that the occupancy rates for office properties in Dubai increased by 10% from the previous year, reaching 88% by Q4 2022.
Dubai Chamber of Commerce has introduced six real estate business groups as part of its initiative to establish 100 business groups specific to various sectors by March 2023. This plan aims to enhance the private sector’s contribution towards sustainable development and increase the competitiveness of the business community within Dubai’s economy and beyond
Dubai has a thriving economy and is considered a business hub for the Middle East. The city offers various business opportunities, including free zones, tax incentives, and a favourable regulatory environment. Many international businesses have set up operations in Dubai, thanks to its strategic location, business-friendly policies, and access to global markets.
In recent years, Dubai has been creating new business groups to further enhance its business environment. One such group is the Dubai Future Foundation, established in 2016, which aims to promote innovation and shape the future of Dubai’s economy. The foundation focuses on various areas, including education, healthcare, transportation, and energy.
Another business group is Dubai Holding, which was established in 2004 to oversee a portfolio of companies in various industries, including hospitality, real estate, and healthcare. The group has been instrumental in the development of some of Dubai’s iconic landmarks, including the Burj Al Arab and the Jumeirah Beach Hotel.
Dubai’s government has been actively encouraging entrepreneurship and innovation, launching initiatives such as Dubai Startup Hub, which provides resources and support to startups and entrepreneurs looking to establish and grow their businesses in Dubai. Overall, Dubai’s business environment is characterized by a culture of innovation, entrepreneurship, and forward-thinking policies.
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