Dubai: The Dubai Land Department (DLD) has launched the Real Estate Investment Trust (REIT) Privileges Registry, facilitated by the real estate development sector. Registration is now open for interested parties. The DLD has developed an online platform and trained service centers to handle the receipt of applications.
This infrastructure enables the smooth processing of both local and international real estate investment trusts. By implementing this initiative, the DLD aims to enhance Dubai’s reputation as a global hub for real estate investment and provide attractive incentives to encourage REITs to consider various projects within the emirate.
Sultan Butti bin Mejren, Director-General of the Dubai Land Department, said, “The privileges associated with the real estate investment trust (REIT) register is a new path in the emirate’s journey towards a more prepared future, by raising attractiveness for local and foreign real estate investments, in line with the visions and directives of our wise leadership, represented by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. This move is in conjunction with the efforts made by the Dubai Land Department and its partners from the government and private sectors to translate and achieve the objectives of the Dubai Economic Agenda D33 for foreign investment and the raising of private sector investment in development projects.”
This measure aligns with Decree No. 22 of 2022, which approves the granting of privileges to real estate investment funds throughout the emirate. The primary objective is to bolster Dubai’s status as a worldwide center for real estate investment while offering incentives to encourage real estate investment trusts (REITs) to explore diverse projects in Dubai. The aim is to attract increased investment in the market by ensuring long-term capital returns for shareholders involved in these trusts.