Binghatti, a prominent Dubai-based developer, has forged a strategic alliance with the Dubai Land Department (DLD) to bolster the involvement of UAE nationals in the property market. The accord was formalized by the DLD Director General, Marwan Bin Ghalita, and Binghatti Chairman, Muhammad BinGhatti. This collaboration aligns with the Dubai Real Estate Broker Programme initiated by DLD in March, aiming to unite public and private sector endeavors and motivate Emirati brokers and investors to engage in real estate dealings, thereby fortifying a vital economic sector in Dubai. Binghatti is extending special discounts and adaptable 50-50 payment schemes for certain projects to Emirati investors. Moreover, the developer will offer an additional 1% commission for transactions conducted by Emirati agents.
“We are privileged to work alongside DLD and endorse its mission. This strategic partnership marks a crucial step in our mission to empower Emirati investors and agents. By promoting inclusivity between the private and public sectors, we are not only enhancing Emirati involvement in the real estate market but also securing Dubai’s prosperous, vibrant, and sustainable future,” remarked Binghatti Chairman Muhammad BinGhatti. This partnership is part of several initiatives by the Dubai Government’s Land Department to equip Emirati professionals with top-tier efficiency, skills, and professionalism. “At Binghatti, we are honored to collaborate with outstanding local agents, some of whom have delivered exceptional results for our projects. As trusted partners, they have granted us profound insights into Dubai’s dynamic market. Binghatti aims to set a precedent in empowering the youth, particularly the local Emirati community, through this partnership,” the Chairman further added.
Binghatti has recruited over 50 Emirati staff in the past six months, assigning them to key roles across various sectors. This initiative reflects the company’s dedication to nurturing local talent and supporting the sustainable expansion of Dubai’s real estate market. BinGhatti announced plans to unveil 12 new real estate ventures in the latter half of this year, amounting to an investment of over Dh10 billion. He confirmed that current projects are progressing as scheduled with robust demand and strong sales. He highlighted that sales for the Mercedes Benz Places – Binghatti project reached approximately 90%, while the Jacob & Co Residences project sales surpassed 50%. He observed that Dubai’s real estate market has become highly appealing to investors and buyers from diverse nationalities, including Americans, Russians, Europeans, and Asians, who are keen on transferring wealth to Dubai and the UAE. The CEO noted that the real estate market is enticing due to high investment returns, with rental yields in Dubai not falling below 7-8%, attributed to the ease of setting up and launching new businesses within hours.
