DUBAI, UAE – Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts (REIT) privileges registry, and announced the opening of registration in it.
Following the design and development of the online platform and the training the service centers to receive applications, local and international real estate investment trusts are now ready to be processed.
This step comes in line with the Decree No. 22 of 2022 regarding approving the grant of privileges to real estate investment across the emirate, which aims to enhance its position as a global hub for real estate investment.
It is also aims to provide incentive benefits to encourage REIT to consider various projects across Dubai and increasing investment in the market by achieving a long-term capital return for shareholders in these trusts.
Sultan Butti bin Mejren, Director-General of the Dubai Land Department, said, “The privileges associated with REIT register is a new path in the emirate’s journey towards a more prepared future and help in raising attractiveness for local and foreign real estate investments.”
He said, “This move is in conjunction with the efforts made by the Dubai Land Department and its partners from the government and private sectors to translate and achieve the objectives of the Dubai Economic Agenda D33 for foreign investment and raising of private sector investment in development projects.”
He added, “DLD will make all efforts to develop a register of privileges and motivate local and international real estate trust companies, who meet the conditions and procedures, to benefit from the advantages of registration.”
Bin Mejren said that this move will help “contribute to increasing the value of real estate transactions, for a more competitive Dubai”.