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Dubai Real Estate Corporation revenues up 28%

Maktoum bin Mohammed chairs Board meeting, approves 2025 budget

The Dubai Real Estate Corporation (DREC) and its subsidiary, Wasl Group reported a 28 per cent growth in revenues for the first 10 months of this year compared to the same period in 2023.

Wasl Group, through its innovative real estate projects, aims to support the goals of the Dubai Economic Agenda D33 to double its economy and transform the city into one of the world’s top three urban economies. The Group’s diverse real estate portfolio includes over 55,000 residential and commercial units, more than 35 hotels, several premier leisure facilities such as golf courses, and more than 5,500 industrial land plots.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of DREC, on Sunday met with the corporation’s Board of Directors to approve its budget for 2025.

During the meeting, the board reviewed the financial statements of the corporation, for the period from January to October 2024.

Sheikh Maktoum said the strong performance of the real estate sector, which remains a key pillar of Dubai’s economy, reflects the emirate’s rapid progress for sustainable development. The sector’s growth contributes significantly to the goal of the Dubai Economic Agenda D33 to transform the city into one of the world’s top three urban economies, he added.

Sheikh Maktoum highlighted Dubai’s ability to adapt to global challenges and attract high-quality investments and talent, reinforcing its growth as a global commercial hub.

He highlighted the real estate industry’s positive economic impact, which extends beyond GDP to key sectors such as infrastructure, tourism, and hospitality. The sustained growth momentum of the real estate sector supports Dubai’s goal to become a city of the future and a model for urban development, offering the world’s best environment to live, work, and invest.

He underscored the importance of flexible and market-aligned regulatory frameworks in creating optimal conditions for investors. He further emphasised Dubai’s successful partnership with the private sector, which protects and supports investments in a secure environment.

Sheikh Maktoum reaffirmed Dubai’s commitment to offering supportive measures and incentives, which are critical to consolidating its status as a preferred global investment destination.

The board meeting discussed several topics including the Wasl Group’s digital transformation strategy and the latest developments and plans for its future projects. The Board of Directors highlighted the Dubai Real Estate Corporation’s roadmap to achieving excellence in the real estate, hospitality and leisure sectors, aligning with Dubai’s ambitious vision to consolidate its position as the world’s best lifestyle and investment destination.