The Dubai Land Department (DLD) announced on Sunday a landmark agreement with nine developers, both private and government-backed, to earmark a portion of their projects for sale through Emirati brokers.
This initiative aims to bolster employment opportunities for local residents by fostering collaboration between developers and Emirati brokers.
Under this agreement, leading developers such as Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development will allocate between 10% and 15% of their projects to be marketed and sold by Emirati brokers.
The accord, part of the “Dubai Real Estate Programme,” seeks to empower local talent within the real estate sector. Beyond just sales quotas, the agreement includes provisions for mentorship, professional development, and business support aimed at nurturing Emirati talent, attracting them to the private sector, and enhancing their expertise in real estate.
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Following the surge in Dubai’s real estate sector post-pandemic, particularly in brokerage activities, the agreement comes at a pivotal time. The robust demand from both local and international investors has led to the establishment of numerous brokerage firms. This initiative aligns with the growing demand and aims to strengthen the role of Emirati brokers in the market.
Looking ahead, the DLD intends to expand its partnership network beyond the initial nine developers by forging similar agreements with more industry players in the coming months. Marwan bin Ghalita, acting director-general of the DLD, emphasized that the program’s primary goal is to increase Emirati participation in the real estate market. By incentivizing their involvement and fostering collaboration between stakeholders, the initiative seeks to further integrate Emirati citizens into one of Dubai’s key economic sectors.
Bin Ghalita expressed optimism about the collaboration with industry partners, anticipating significant outcomes that will reinforce the real estate sector’s prominent position both domestically and internationally. This strategic initiative underscores Dubai’s commitment to nurturing local talent and ensuring sustainable growth in its real estate industry.
