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Dubai United Arab Emirates
Muhammad Bin Ghatti,the CEO of BinGatti Developers said that the company plans to launch 12 new real estate projects in the second half of this year, an investment of more than AED10bn.
BinGhatti said in the latest statement to media on the sidelines of signing a strategic partnership with the Dubai Land Department DLD, to support the “Dubai Real Estate Broker Program”, 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 United Arab Emirates 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.
BinGhatti developers signed a strategic partnership agreement with the Dubai Land Department to support the "Dubai Real Estate Broker Program" aimed at empowering Emirati cadres in the real estate sector.
"Our partnership with the DLD comes within our goals of boosting integration between the private and public sectors, and contributing from our side to achieving the goals of the Dubai Real Estate Broker Program," Muhammad BinGhatti said.
The CEO expressed the company’s inclination to boost initiatives that expand the role of Emiratis, whether they are buyers, real estate brokers, or even employees in their Group.
Muhammad Bin Ghatti expected the company to launch more initiatives that support Emiratisation on a wider scale, and will be directed to activate the role of Emiratis in the real estate market, noting to their goal of employing a certain number of UAE nationals within functional cadres.
He revealed that the company's new headquarters will include a full training center for UAE nationals, and there will be future initiatives to enhance skills of national talents and competencies in the sector. "There are plans and preparations to launch a real estate academy specialized in training within a year from now," he said.
The agreement comes within the "Dubai Real Estate Broker Program" initiative launched by DLD last March. The program aims to enhance the role of UAE nationals in the real estate market and motivating them to engage in real estate activities, thus raising the level of their participation in the real estate sector, which is one of the most important economic sectors.
BinGhatti Developers provide exclusive discounts that are not available in the BinGhatti Real Estate market to attract UAE investors and with a special and flexible payment plan of 50% - 50% for some of the company's projects, which in turn aims to support Emirati investors and brokers in a way that enhances their sales with BinGhatti Company, in addition to the fact that the deals that will be concluded through Emirati real estate brokers will qualify them to obtain an additional 1% commission.
The agreement aims to cooperate in many areas, including raising the competitiveness of Emirati cadres and enabling them to fill jobs in the real estate sector, through designing and implementing qualitative support projects in cooperation between the Dubai Land Department and BinGhatti Developers in the Emirate of Dubai. The agreement also contributes to empowering national cadres by providing job opportunities at BinGhatti Developers in accordance with the applicable labor laws, in addition to cooperating in joint projects with the Dubai Land Department aimed at developing the real estate sector and promoting a culture of innovation and sustainability. That is added to cooperating with the department in providing guidance and vocational training for national cadres, supporting them and providing them with advice to ensure their qualification for the private sector jobs and developing their specialized competencies to establish their own businesses in the real estate market.
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