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Dubai Land Department (DLD) signed three memorandums of understanding (MoUs) during its participation as strategic partner of the Egypt Mega Property Show, held recently in Cairo with the aim of promoting urban development between the two countries to encourage investment and real estate promotion as well as enhancing confidence in the real estate sector by providing a distinctive and balanced investment environment based on smart services to create an innovative and sustainable global real estate environment.
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, commented: "We developed an integrated strategy to record an active presence at the show, and worked to showcase a group of leading real estate developers and partners in the Emirate. We also coordinated with a number of entities representing the public and private sectors to strengthen cooperation and highlight Dubai's role as a leader in all fields related to the performance of the real estate market. Thanks to the innovative ideas and projects we presented on our platform, we attracted the attentions of many attendees and enticed a growing number of VIPs and parties who expressed willingness to cooperate with us and reach partnerships and MoUs that would help us promote Dubai's real estate while offering our accumulated experience to institutions in brotherly and friendly countries."
DLD signed the first MoU with the Ministry of Housing, Utilities & Urban Communities in Egypt, signed with Khaled Abbas, Deputy Minister of Housing for National Projects. The MoU aims to enhance the role of integrated urban development, which includes urban development in Egypt and the promotion of real estate investment in line with the importance of the relationship between Dubai and Egypt, especially in the field of real estate investment and promotion as well as the activities related to urban development. The MoU also aims to enhance confidence in the real estate sector by providing a distinctive and balanced investment environment based on smart services to create an innovative and sustainable global real estate environment as well as promote the real estate market and projects by organising exhibitions and participating in international and regional conferences and exhibitions. This further supports the developers and contributes to the preservation of investors' rights through the role played by DLD.
The fields of cooperation between the two parties include encouraging and managing international real estate investment and promotion, developing a documentation system for the preservation of real estate rights as well as training real estate professionals to develop the sector. Emphasis will be placed on developing skills to develop electronic solutions, upgrading the standards of real estate legislation, keeping pace with the latest developments in the world as well as studying and organising joint workshops, conferences, and exhibitions between the two parties.
The second MoU was signed with Tarek Shoukri, Head of the Real Estate Development Chamber at Federation of Egyptian Industries (FEI). The MoU aims to enhance confidence in the real estate sector, and promote mutual real estate investments among developers in both countries. Under the MoU, the exchanged information will be made available for the benefit of both parties and will promote the real estate market and real estate projects to provide an opportunity for developers from both countries to explore investment opportunities and exchange information on real estate laws and regulations as well as provide opportunities for trade exchange through meetings and conferences in addition to meeting groups of developers or through individual meetings.
The third MoU was signed with Sayed Abaza, Vice President of the Chamber of Building Materials Industries. The two parties agreed on cooperation to promote the role of urban development in both countries by benefitting from distinguished experts in the real estate and construction materials industries, promote products certified from both sides, and achieve mutual benefit by drawing the framework and the limits of cooperation between the two parties. The MoU aims at raising awareness and educating customers in the building materials industries to develop the sector and the peoples' skills. The Chamber also agreed to share its database with DLD for the benefit of members in the construction sector. The two parties will organise joint workshops, conferences, and exhibitions as well as business trips to major projects in both countries to examine the possibility of benefiting from the parties in those projects and forming a joint team from each party to activate this agreement.
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