Dubai Chamber of Commerce (DCC) establishes six real estate sector-specific business groups, Invest-Gate reports.
The new groups serve companies in the real estate sector, including developers, real estate valuation, real estate leasing, facility management, interior decoration and design services, and engineering consultants.
The business groups allow for constructive dialogue among stakeholders in the private and public sectors.
They help companies within the real estate field tap into new opportunities, tackle industry-level challenges, and address policy matters that impact this thriving market.
“The real estate sector continues to be one of the vital levers for Dubai’s economy and a major contributor to Dubai’s GDP, with a share of more than 9% in the first nine months of 2022 and a year-on-year growth rate of 2.5% in the same period,” President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah, says.
“We anticipate enormous opportunities for residential and infrastructure construction to continue to support the emirate’s economy while investment and spending for office, industrial, tourism and retail properties will grow even more; especially since Dubai’s population is expected to reach 5.8 mn by 2040,” he adds.
Furthermore, the Dubai Land Department assists in the formation of new business groups and in identifying their economic activities in collaboration with the DCC.
Last month, Real estate expert Walid Al Zarooni stated that the Dubai real estate sector is set to revive quickly, pushed up by investments from 65,000 people who received the golden visa.