The Dubai Real Estate Corporation (DREC) and its subsidiary, Wasl Group, have reported a 28 per cent increase in revenues for the first ten months of this year compared to the same period in 2023. Wasl Group, through its innovative real estate projects, is committed to supporting the objectives of the Dubai Economic Agenda D33, which aims to double the city's economy and position Dubai among the world's top three urban economies.
The Group's extensive real estate portfolio comprises over 55,000 residential and commercial units, more than 35 hotels, several premium leisure facilities including golf courses, and over 5,500 industrial land plots. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of DREC, recently convened with the corporation's Board of Directors to approve the 2025 budget.
During the meeting, the board examined the financial statements of the corporation for the period from January to October 2024. Sheikh Maktoum emphasized that the robust performance of the real estate sector, a cornerstone of Dubai's economy, underscores the emirate's rapid strides towards sustainable development. This growth significantly contributes to the Dubai Economic Agenda D33's goal of transforming the city into one of the world's top three urban economies.
Sheikh Maktoum also noted Dubai's resilience in adapting to global challenges, attracting high-quality investments and talent, thereby reinforcing its status as a global commercial hub. He highlighted the real estate industry's broad economic impact, extending beyond GDP to vital sectors such as infrastructure, tourism, and hospitality. The sustained growth of the real estate sector supports Dubai's vision to become a city of the future and a benchmark for urban development, offering the world's best environment for living, working, and investing.
He underscored the significance of flexible, market-aligned regulatory frameworks in creating favorable conditions for investors. Additionally, he emphasized Dubai's successful collaboration with the private sector, which safeguards and supports investments in a secure environment. Sheikh Maktoum reaffirmed Dubai's dedication to providing supportive measures and incentives, crucial for consolidating its status as a preferred global investment destination.
The board meeting covered various topics, including Wasl Group's digital transformation strategy and updates on its future projects. The Board of Directors outlined the Dubai Real Estate Corporation's path to achieving excellence in real estate, hospitality, and leisure sectors, aligning with Dubai's ambitious vision to solidify its position as the world's premier lifestyle and investment destination.
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