The Dubai Land Department (DLD), through its Real Estate Development Department, has launched the Real Estate Investment Trust (REIT) Privilege Registry and announced the opening of registration in it. Following the design and development of an online platform and training of service centers to accept applications, local and international REITs are now ready to be processed.
This step is in line with Decree No. 22 of 2022, which deals with the approval of the granting of privileges to real estate investment discoveries across the emirate, aims to strengthen its position as a global real estate investment hub and provides incentive benefits to encourage real estate investment trusts (REITs) to consider various projects across Dubai and increase the market by achieving long-term capital returns for shareholders of these trusts investment.
Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: "The privileges associated with the registration of Real Estate Investment Trusts (REITs) are a new path towards a more prepared future for the Emirate of Dubai, which enhances the attractiveness of local and foreign real estate investments, in line with the vision of the wise leadership represented by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. This move is in line with the efforts of the Dubai Land Department and its partners from the government and private sector to translate and achieve the objectives of Dubai Economic Agenda D33 on foreign investment and increasing private sector investment in development projects."
Bin Mejren added: "DLD, through its experts and workforce, will make every effort to develop the privilege registry and incentivize local and international REITs that meet the conditions and procedures to benefit from the advantages of the registry, which will help increase the value of real estate transactions and make Dubai more competitive."
