(MENAFN- Khaleej Times)
Binghatti, a leading Dubai-based developer has entered in a strategic partnership with Dubai Land Department (DLD) to enhance the role of UAE nationals in the Real estate market. The agreement was signed by DLD Director General Marwan Bin Ghalita and Binghatti Chairman Muhammad BinGhatti.
This partnership supports the Dubai Real Estate Broker Programme launched by DLD last March. The programme aims to integrate public and private sector efforts and encourage Emirati agents and investors to participate in real estate transactions, thereby strengthening one of Dubai's key economic sectors.
As part of this initiative, Binghatti is offering exclusive discounts and flexible 50-50 payment plans for selected projects for Emirati investors. Additionally, the developer will provide an extra 1% agent fee for transactions made by Emirati agents.
“We are honoured to collaborate with DLD and support its mission. This strategic partnership is a significant milestone in our efforts to empower Emirati investors and agents. By fostering inclusivity between private and public sectors, we are not merely strengthening Emirati participation in the real estate market, but also ensuring Dubai's thriving, dynamic, and sustainable future,” Binghatti Chairman Muhammad BinGhatti commented.
This partnership is one of the multiple initiatives organized by the Government of Dubai's Land Department to prepare Emirati cadres for the highest levels of efficiency, skills and professionalism.“At Binghatti, we have the honor of working with several exceptional local agents and some of them have achieved phenomenal performance for our projects. As part of our trusted partners, they have provided us deeper insight and understanding of Dubai's dynamic market. Binghatti aspires to become a role model in empowering the youth, especially among the local Emirati population through this partnership,” the Chairman added.
Binghatti has hired more than 50 Emirati employees in six months to work in their company, taking leadership roles across different sectors. This partnership underscores the company's commitment to cultivating local talent and supporting the sustainable growth of Dubai's real estate market.
BinGhatti said that the company plans to launch 12 new real estate projects in the second half of this year, an investment of more than Dh10 billion. He added that the company's current projects are proceeding according to the schedule with high demand and good sales.
He noted that sales of the Mercedes Benz Places – Binghatti project topped to about 90%, while sales of the Jacob & Co Residences project exceeded 50%.
He pointed out that the real estate market in Dubai has become very attractive to investors and buyers of all nationalities, such as Americans, Russians, Europeans, and Asians, who desire to transfer wealth to Dubai in particular and the UAE in general.
The CEO said that the real estate market is attractive in light of achieving high investment returns, noting that the rental return in Dubai is not less than 7-8%, thanks to the ease of establishing and launching new businesses within hours.
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