Tuesday, November 18, 2008

Wasl plans expansion of key projects in Dubai

The Dubai Real Estate Corporation (DREC)-owned asset management group, 'Wasl', announced plans for expansion initiatives for several landmark properties in Dubai. This is a part of its directive to monitor and ensure the sustainable development of property sector for Dubai Government.

The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are few of the properties likely to witness a new dimension under the latest plan by Wasl, which focuses on hospitality, tourism and healthcare sectors.

Even the Ras Al Khor area will be revamped bringing about 2500 residential units on stream for Wasl employees. The project will be completed in 18 months.

The asset management group is conducting a thorough study of the tourism sector to identify projects, including the star hotels, so as to meet the objective of Dubai in attracting 15 million visitors towards the year 2015.

According to Hesham Al Qassem, CEO of Wasl and DREC, Dubai is beginning to gain a strong foothold on the global tourist landscape and is one of the most frequented destinations. Hence, it is vital that the status of Dubai be complemented by giving a fresh impetus to key developments.

"Our current efforts will help in successfully bridging any demand-supply disparity and price fluctuations by equipping Dubai to accommodate the increasing number of residents over the next couple of years," said Qassem.

The demand for commercial space in Dubai has increased considerably, which reflects the robust growth in real estate sector.

"Wasl is keen to service the growing demand for storage and commercial space from light and heavy industries, which emphasizes the increased trade activity in Dubai," Qassem added.

At present, Wasl manages a customer-base of 20,000 in residential and industrial sectors, including 5000 industrial land plots, 15,000 residential units and several hotels and entertainment amenities.

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