Under the patronage of His Majesty King Abdulla II Bin Al Hussein, King of the Hashemite Kingdom of Jordan, Amman hosted the 4th Arab Real Estate & Urban Development Conference entitled “Towards a Mature, Transparent and Global Real Estate Market”. This event will be organized by Dubai Land Department along with its organizational arm (i.e. Real Estate Regulatory Authority (RERA), and its educational arm (i.e. Dubai Real Estate Institute), in cooperation with Arab Administrative Development Organization (ARADO)- the Arab League, as well as the strategic partner Falconcity.
The conference includes 40 official speakers who represent 24 Arab and foreign countries (i.e. UAE, Egypt, Syria, Greece, Sudan, KSA, USA, Jordan, Tunisia, Palestine, Oman, Morocco, Kuwait, Lebanon, Yemen, Iraq, Bahrain, UK, Italy, Ghana, South Korea, Germany, and India).
In addition, the two-day conference (11-12 December 2011) will be attended by several Arab and foreign experts (i.e. 300), who will enrich the activities of the conference which will be held at the Le Royal Hotel, Amman.
During the conference, there will be discussions of a set of important developments which have a significant impact on the Arab real estate investment industry, how to develop a transparent real estate market, as well as the challenges and opportunities related to real estate development industry under current market changes, economic projections, and social and political trends.
For its part, Dubai will share its unique process of urban and real estate development in order to develop an integrated legislative real estate structure, improve real estate services, and establish effective mechanisms for real estate title, registration, regulation, and investment promotion. This occurred with continued state support, leading Dubai to assume the highest Arab and international real estate ranks.
In this context, His Excellency Mr. Sultan Bin Butti Bin Migren, DG, Dubai Land Department, expressed his gratitude to the Hashemite Kingdom of Jordan for hosting and supporting the conference, stressing Dubai’s commitment to employ its rich and advanced experience to reinforce joint Arab action, believing in the importance of enhancing Arab knowledge partnership with respect to real estate investment and development.
“The sessions of this conference will be different those under the previous conferences in terms of content and discussion panels, especially as they address best practices in order to come up with a transparent Arab and international real estate market”, he added, noting that “Dubai Land Department, through its active participation in organizing and sponsoring the conference, is confident that Arab partnership in this field will be successful by turning the conference sessions and discussions into a microscope that searches for opportunities against all challenges facing real estate investment industry. ”
Moreover, Bin Migren emphasized that Dubai is keen to maintain its unique position at international organizations concerned with real estate regulation and development in order to ensure benefits for the UAE and Arab countries at international forums concerned with real estate development and regulation. He also added that Dubai Land Department works hard to become an international reference in real estate development and regulation and promote real estate investment and education through the department’s specialized arms. In this regard, during the last few years, the department managed to reach advanced levels and make notable progress for the benefit of real estate market. For example, Dubai Land Department assumed the 6th rank internationally according to the Doing Business Report and 1st place regionally in real estate transparency, which is the outcome of the real estate environment established by the department.
For his part, Dr. Refat Al Faouri, DG, Arab Administrative Development Organization- the Arab League, praised the quality experience of real estate investment and development industry in the UAE. He also explained that this conference is held to know more about advanced real estate market in the MENA region, provide an opportunity to meet with many researchers concerned with transparency issues in the Arab and international real estate market. Such gathering aims to exchange ideas and experience, have a closer look at the most dynamic real estate market in the world, in order to develop realistic recommendations and mechanisms that will help maintain transparency of Arab real estate market. Dr. Al Faouri also noted that this conference, organized by Dubai Land Department, will discuss pro-transparency initiatives at real estate environment, such as the role of corporate governance in enhancing investor confidence; opening the door for foreign investments; risks related to unexpected booms in real estate sector; necessary infrastructure for establishing world-class mega projects that ensure sustainable development; and how to develop an effective strategy to make real estate development the key driver for society development at large, while maintaining long-term real estate investment strategies.
In this regard, Mr. Salim Al Mousa, key speaker at the conference, CEO and Chairman of Falconcity of Wonders Project, strategic partner and sponsor of the conference said that: the 4th Arab Real Estate & Urban Development Conference is one of the main real estate conferences for all sectors and economic segments in order to bring in local, regional, and international real estate experience. This conference mirrors the importance of effective coordination between the public and private sectors in this field. Therefore, our company (Falconcity of Wonders Project), UAE, is keen to participate and sponsor this conference, as well as to share its experience in the field of corporate governance in order to meet transparency requirements of real estate market and other economic activities. In addition, cooperation with Dubai Land Department, Real Estate Regulatory Authority, and Dubai Real Estate Institute aims to support public and private interests.”
Conference Agenda
Day One of the 4th Arab Real Estate & Urban Development Conference entitled “Towards a Mature, Transparent and Global Real Estate Market” included opening remarks delivered by Mr. Sultan Bin Butti Bin Migren, DG, Dubai Land Department; Dr. Refat Al Faouri, DG, Arab Administrative Development Organization- the Arab League; and Mr. Salim Al Mousa, CEO and Chairman of Falconcity of Wonders Project, strategic partner and sponsor of the conference.
In addition, senior management of Dubai Land Department presented Dubai’s real estate experience in real estate registration, regulation, and investment. Majeda Ali Rashid, Senior Strategy Consultant, Investment Management and Promotion Center, addressed the quality initiatives launched recently by the department with support of Dubai Governor in order to protect investor rights and attract more investments.
She also noted that Jordanian investors represent the 3rd largest real estate investors in Dubai, preceded by the UAE and KSA investors, as the value of property purchased by Jordanian investors reached 4 billion AED (i.e. 800 million JOD). The total number of Jordanian investors in Dubai reached 1650, representing 4% of total Arab investors. Moreover, Jordanian landlords come fourth after landlords from the UAE, KSA, and Lebanon, as there are 826 Jordanian landlords of different property such as lands, apartments, as well as residential and commercial buildings, representing 2% of Arab landlords.
For his part, Mr. Mahmoud Al Boraii, Co-president of Dubai Real Estate Institute- Dubai Land Department, delivered a speech on real estate education and the role of Dubai Real Estate Institute. Other speakers during Day One included Khalid Obaid, Director, of Guarantee Account Management, who addressed real estate regulation; Mr. Mohammed Al Dah, Director, Assessment Center; Mr. Khalifa Al Zim, CEO, Emirate Company for Real Estate Solutions; and Mr. Ali Balqizi, Deputy Director, IT Department.
Day One included the first session entitled “Challenges and Opportunities of Real Estate Development According to current Market Developments, Economic Projections, and social and political Trends”. Day One also included a discussion panel focusing on the Hashemite Kingdom of Jordan and Lebanese real estate market. Moreover, Dubai Stock Exchange provided a study on real estate finances. The second session was entitled “Pro-transparency Initiatives at Real Estate Market Environment and Entrance of Foreign Investments”, while the discussion panel was about the role of government in enhancing investor confidence.
As for Day Two of the conference, the third session was entitled “Infrastructure Necessary for World-class Sustainable Real Estate Development”. The discussion panel focused on trends on sustainable real estate and urban development. In addition, there were two discussion panel on capital assessment from an international perspective and real estate assessment. Finally, the fourth session focused on the lessons learned about the real estate sector boom, while the discussion panel addressed the basic principles of developing a transparent and effective real estate sector.
- Dubai Land Department
Dubai Land Department was established in January 1960 in order to provide an organized way of property registration, protect client rights, and ensure legal aspects of land transactions. This enabled the department to regulate registration process to protect all stakeholders. In order to regulate and develop the real estate sector in Dubai, Real Estate Regulatory Authority was established as a subordinate of Dubai Land Department in 2007 under Law No. 16.
Arab Administrative Development Organization
Arab Administrative Development Organization was established in 1961 as one of the Arab League specialized organizations in order to take over administrative development issues in the Arab region in accordance with its foundation agreement. The organization’s mission is represented in contributing to administrative development in Arab states, serving comprehensive development issues. In addition, the organization is concerned with transferring administrative knowledge from the developed world to the Arab world, developing administrative bodies, cooperation, exchange of administrative experience, and helping consolidate administrative systems in the Arab world.
- MENARES
The Middle East North Africa Real Estate Society (MENARES) is the first independent real estate society in the Middle East. It joined the International Real Estate Society in June 2009. As a result, it strengthened its relations with other related real estate societies in the world, including those in Asia, Europe, and USA. MENARES aims to establish branches at regional universities and educational institutions; as well as to offer its membership to academic institutions, public institutions, and private companies. The organization also works on facilitating communication between all real estate stakeholders through providing opportunities for discussions between the professionals, investors, academic society, and public officials in order to promote cooperating among them, propose action plans, and enhance education in real estate and other related sectors.
- Falconcity of Wonders Project
Falconcity of Wonders Project is situated in Dubai, covering an area of around 41 million square meters. From the air, the project has the shape of a falcon “logo of the UAE”, which represents the UAE heritage. The project contains a set of objects representing the seven wonders of the world such as the Pyramids, Hanging Gardens of Babylon, the Eiffel Tower, Taj Mahal, and the Leaning Tower of Pisa. In addition, the project includes integrated residential, educational, and recreational facilities; apartments and villas; malls, hotels, restaurants, gyms, schools, and parks. Falconcity of Wonders was designed to be a land of civilizations that accommodate all life styles around the world for all age groups.