Wednesday, October 17, 2007

Dubai Real Estate Corporation chalks out plans for further strengthening Dubai real estate sector

Dubai Real Estate Corporation (DREC) has begun operations towards development of Dubai real estate sector, so as to fill in the niche market gaps and boost urban growth of Dubai. DREC was recently established following a verdict by H.H. Sheikh Mohammad bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai.

DREC is a full-solution real estate company, responsible for offering various value-added services, such as leasing and facility management services, real estate management services, and asset management consultancies, for properties that are registered in the name of Dubai Government or any of its departments. Even investments within the entertainment, hospitality and leisure sectors are all based on DREC's operations, and the company has confirmed its plan to develop these specific areas in future.

The Chief Executive Officer of DREC, Hisham Al Qassim, says "DREC has been established to further strengthen the real estate assets in Dubai, and we intend to accomplish this by concentrating on major areas, targeting niche market gaps, and complementing the urban growth by focusing the underdeveloped areas. We are planning a country-wide expansion in the near future, and hope to play a major role in the next chapter of UAE's development."

Currently, DREC is carrying on preliminary studies on the Dubai property sector, and the results will indicate the key areas for development, depending on market demand and growth potential. The company has revealed its intentions to begin operations by focusing on prime areas, while also maintaining strong market in commercial, residential, industrial, and tourism sectors.

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