To give residents more job opportunities, the Land Department (DLD) announced on Sunday that it had inked an agreement with nine developers, both private and government-backed, to assign a specific percentage of their projects to be sold through Emirati brokers.
In a deal signed with Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development, the regulator said the aim is to “allocate a 10 percent to 15 percent quota of their projects to be sold through Emirati brokers.”
To help local talent progress in the real estate industry, the agreement was signed as part of the “Dubai Real Estate Programme.”
Furthermore, the agreement calls for offering direction, expert instruction, and assistance to national talent to draw them into the private sector and develop their specialized skills to launch real estate ventures.
Following the pandemic, Dubai’s real estate market experienced tremendous growth, which led to the creation of many jobs in the brokerage industry. Following COVID-19, thousands of brokerage firms were founded as the real estate market saw previously unheard-of demand from both domestic and foreign investors.
Expanding network
In the upcoming months, DLD hopes to sign contracts with additional developers to grow this network of nine companies.
The goal of this program, according to Marwan bin Ghalita, acting director-general of the Dubai Land Department, is to “increase citizen participation in the real estate market” by providing incentives for citizens to get involved in real estate-related activities, which will increase their involvement in one of Dubai’s key economic sectors.
“We eagerly anticipate collaborating with our partners in the real estate sector to achieve remarkable outcomes that resonate with the esteemed position held by the real estate sector in Dubai, both domestically and internationally,” said bin Ghalita.