Dubai Properties has entered into a strategic partnership with the Dubai Land Department (DLD) to promote the emirate's property market.
The partnership has been described as a "qualitative leap in the real estate sector" that will see Dubai Properties support DLD's strategic initiatives and projects.
DLD's programme to drive growth in the market includes the new Real Estate Self Transaction (REST), an online platform for property transactions that will eliminate paper documents and slim down brokerage procedures. DLD fees for late property registration have also been waived.
DLD – restructured in May this year – said it wanted "to strengthen" collaborative relationships to drive forward its agenda, hinting at the possibility of further public-private partnerships that support "transparent cooperation".
Dubai Properties is the development arm of Dubai Holding, and group chief executive officer of the master developer, Raed Al Nuaimi, signed the strategic partnership with HE Sultan Butti bin Mejren, director general of DLD.
HE Sultan Butti bin Mejren said: "This step comes as part of our ambitious mission to further enhance the excellence of Dubai’s real estate sector. We are committed to cooperating with various parties involved in the sector and our success depends on the services provided by these partnerships.”
He stressed that the partnership with Dubai Properties was part of a plan to "promote Dubai’s position as an attractive and pioneering international investment destination".
Nuaimi, who took the helm of the developer in February 2018, said the agreement aligned with its plans to generate growth.
"Our strategic partnership with DLD aligns with our sustained endeavours to stimulate the emirate’s stable property market," he said. "It also complements our ongoing efforts to drive significant growth in the real estate sector".