DUBAI - The Dubai Chamber of Commerce, one of three chambers operating under the Dubai Chamber of Commerce, has announced the formation of six real estate sector-specific business groups.
These new groups focus on companies operating within the real estate sector, including real estate developers, real estate valuation, real estate leasing, facilities management, interior decoration/interior design services and engineering consultants.
These business groups serve as a platform for constructive dialogue between private and public sector stakeholders, helping companies in the real estate sector to explore new opportunities, address industry-level challenges and address policy issues affecting this thriving market.
Commenting on the launch of the new real estate business group, Mohammad Ali Rashed Lootah, Chairman and CEO of the Dubai Chamber, said, "The real estate sector remains one of the key levers of Dubai's economy and is a major contributor to Dubai's GDP, with a share of over 9% in the first nine months of 2022 and a year-on-year growth rate of 2.5% over the same period."
"With the emirate's bullish economic outlook for 2023, we know that the real estate sector will remain strong due to significant end-user demand and investor confidence in Dubai's property market.
In addition, by leveraging the Dubai Economic Agenda (D33), we expect that the huge opportunities for residential and infrastructure development will continue to support the emirate's economy, while investment and spending on office, industrial, tourism and retail properties will grow even more; especially as Dubai's population is expected to reach 5.8 million by 2040. He added: "Our new commercial group representing six key real estate sectors has been established to maximise growth and diversification in this important market.
The Dubai Land Department has assisted in the formation of the new business groups and worked with the Dubai Chamber of Commerce to identify their economic activities." We welcome the formation of the real estate business groups, which will work under the regulatory framework of the Dubai Chamber of Commerce. The formation of these business groups is in line with our role in spreading real estate knowledge and promoting a culture of conducting sound business to the highest internationally recognised standards.
The Real Estate Business Groups will provide new avenues for constructive debate, as well as educational and networking forums for members to engage with key stakeholders, including the Land Department, to influence policy making and ensure a bright future for real estate," said Sultan Butti Bin Mejren, Director General of the Dubai Land Department.
In 2022, the real estate sectors of hotels, residential, retail, commercial office space and industrial space all saw significant growth in rents and sales rates. According to CBRE, occupancy rates for office properties in Dubai reached 88 per cent until the fourth quarter of 2022, a 10 per cent increase on the previous year's results.
Lootah affirmed that the Dubai Chamber is committed to promoting the interests of its members and advocating on their behalf to preserve and enhance Dubai's favourable business environment and the competitiveness of the emirate's economy." He added: "With this in mind, the launch of the six new real estate business groups is an important initiative that will provide an open space for meaningful discussions between our member companies engaged in real estate, other industry leaders and key government stakeholders to achieve the best possible outcome for a thriving real estate ecosystem.
The launch of the six real estate business groups is part of the Dubai Chamber's plan to establish 100 sector-specific business groups by March 2023 to develop the private sector's contribution to sustainable development and increase the competitiveness of the business community in the Dubai economy and further afield.
