UAE-KSA conference discusses property market challenges

Dubai Real Estate Institute (DREI), in Dubai Land Department (DLD), concluded the virtual ‘UAE-KSA Real Estate - post-COVID-19’ conference that was organised in cooperation with the Smart Decision Training centre (SDTC) in KSA via remote communication technology.

The objectives of the two-day conference included achieving coherence and communication among public and private sectors in the UAE and the KSA to develop real estate knowledge.

The conference consisted of seven main tracks, and its activities concluded with a number of recommendations and lessons from the proposed tracks, comprising the economic, financial, marketing, education, technology and information technology, strategy and legislation, and investment tracks.

The virtual conference witnessed the participation of more than 200 participants, along with a group of prominent speakers and experts in the real estate field from both countries to develop real estate knowledge, which represents an important aspect of joint cooperation, where challenges and innovative solutions for a better future for the real estate market were discussed to establish trust and happiness. The participants came up with many recommendations during their discussions of the various challenges in each of the seven tracks, including working to reduce procedures within an integrated system supported by legal procedures.

In her opening speech during the conference, Hend Obaid Al Marri, CEO of DREI, welcomed the participants, and called for benefiting from the experiences of all speakers and joint work, with the aim of reaching optimal solutions and reducing the effects of the pandemic on the real estate sector. She stressed that the conference confirms DREI’s keenness to spread real estate knowledge locally and regionally as well as our values to enhance education, innovation and cooperation, in line with the vision of our exceptional leader, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who urges us to always excel. One of his most important and inspirational quotes on education that always inspires us is: “We are counting on education in the race of nations, Investment in human development is the only investment that does know loss. Our goal is to be the best in education globally.” Al Marri added: “We realise the importance of joint coordination with partners, experts, and real estate professionals, through supporting technologies, to discuss the challenges and solutions faced by the sector, discuss solutions to explore future needs, and formulate appropriate tools to meet them, in order to ensure that the real estate market continues to progress and prosper.”

Mohammed Ali Al Bur, CEO of SDTC, said: “The exchange of experiences and opinions represents one of the main pillars in business success, hence the idea of this conference to overcome current and future challenges in the real estate sector. We have made important steps in the distinguished alliances in the field of training and consulting, in cooperation with DREI. Our conference represents the fruitful efforts made by both teams, which was strengthened with the participation of a group of specialised speakers who discussed its tracks, whereby several proposals and solutions were reached to help us overcome the current crisis.”

The conference began with a discussion of the economic track moderated by Mohammed Ali Al Bur, with the participation of Mohammed Shael Al Saadi, CEO of Corporate Strategic Affairs in Dubai Economy, and Saad Al Twaim, Chairman of the Board of Directors of Tathmeen. During this session, the focus was on issues related to government support for the local economy and its help in overcoming the crisis, with the financial incentives, challenges and economic impacts the real estate sector is facing in the current circumstances.

The economic track discussed the importance of direct contact between the Dubai government and the private sector from the outset of the COVID-19 pandemic. Over the next nine months following the pandemic, a survey of participants’ opinions in the economy of Dubai is being conducted on an ongoing basis and includes 14 sectors to focus on, most prominently Dubai’s real estate and retail sectors.

The majority of the results of customer and investor surveys in Dubai’s real estate market were in line with global trends, especially in the real estate and retail sectors, considering that Dubai has an organised and attractive investment environment, thanks to government and financing support. The survey showed that 78% of the investors in Dubai’s real estate market at the present time are the same investors from 2008 - 2012, and that the investors and business owners are still optimistic due to the positive long-term expectations in Dubai’s real estate market.

WAM/Agencies