Dubai Land Department signs International Real Estate Promotion Trustee agreement
Dubai Land Department (DLD) has announced a new cooperation and strategic partnership agreement with Medallion Associates LTD. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and Masood Al Awar, Chairman and CEO of Medallion Associates LTD, in the presence of senior officials from the two companies and a number of DLD partner representatives.
His Excellency Sultan Butti bin Mejren commented: “Promoting Dubai’s real estate market is of paramount importance, especially given the increasing demand for Dubai property among foreign investors. Real estate promotion destinations in various cities around the world are full of investors seeking the best opportunities, and Dubai is certainly capable of fulfilling this demand with its diverse investment options.”
Under the terms of the agreement, Medallion Associates LTD will act as the custodian of DLD’s international real estate promotion, helping the department to position Dubai as the world’s premier investment destination for innovation, trust and happiness. Medallion Associates LTD will also promote attractive investment opportunities among multinational investors in Dubai’s real estate market.
Her Excellency Majida Ali Rashid, Assistant Director General and Head of the Real Estate Investment Management and Promotion Center — the investment arm of DLD — commented: “This agreement reflects our commitment to strengthening cooperation between a select group of real estate promoters in a number of countries in order to attract local and foreign investors to Dubai. We are confident that our agreement with Medallion Associates LTD will help us in achieving our goals.”
Rashid added: “In the latest annual report for the year 2017, a total of 39,480 GCC, Arab and foreign investors made 53,000 investment transactions worth over AED 107 billion. This wide diversity of nationalities reaffirms the continuing appeal of Dubai’s real estate market all over the world, and shows that investor confidence is increasing. This is thanks to the wise investment policies laid down by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”
The new agreement will help to enhance international real estate promotion and encourage investment from different nationalities, as Medallion Associates LTD will be providing its services in several selected cities across the world. These include inquiry services and specialised services that will help to attract investments and introduce international investors to the services DLD can offer them. Medallion Associates LTD will also support DLD by participating in the department’s international real estate roadshows and workshops.
Masood Al Awar, Chairman and CEO of Medallion Associates LTD, said: “As DLD’s international real estate promotion trustee, we will raise awareness of the real estate opportunities available in Dubai to investors, adhere to regulations and legislation, assist them in preferred languages, and provide programmes and orientation meetings. Our approach is to create a platform where real estate investors feel encouraged, safe and protected.”
Al Awar added: “We are very excited to take responsibility for our part in DLD’s real estate promotion plan for the year 2018, to develop international investment channels for real estate, and to maintain their effective contribution. I am certain that this public-private partnership is the key to achieving the Dubai Smart City and government vision in 2020.”
Medallion Associates LTD is a real estate consultancy and has a global business network. Its advisory services include asset management, enterprise development, and innovative investment structures covering geographically diversified investment areas with access to global investors through distribution