The organisation, which regulates and controls Dubai’s real estate sector, will be collaborating with more than 20 international organisations specialising in the property field for the formulation of the new system.
The announcement came at a recent meeting hosted by the Dubai Land Department, which was attended by HE Sultan Butti Bin Mejren, Director General of the Department, Rob Jackson, Executive Director of the British Royal Institute of Chartered Surveyors, Khalid Al Malik, CEO of Dubai Properties Group and Majda Rashid, Chairwoman of the Real Estate Investment and Promotion Centre. Also in attendance was Ken Krivton, envoy of the international coalition to standardise surveys, which is supported by the World Bank and the World Monetary Fund.
During the meeting, it was agreed that the Department would form a committee representing the Middle East and North Africa region to develop competencies and formulate global surveying standards, which will be published in June 2014. The Dubai Land Department will chair the proposed committee, which will work in partnership with international experts in the field.
“The accession of Dubai to this global initiative through the chairing of a committee that will represent the interests of a wide geographical area, including the Middle East and North Africa, shows the level of appreciation enjoyed by Dubai and the UAE at a regional and international level. The choice was based on confidence in our ability to unify surveying standards and to enrich the process with insights and ideas from our vast experience in real estate affairs. We are hoping that the contribution we make will have a positive impact on landowners and investors in Dubai,” said Bin Mejren.
“We are proud of this achievement, which we see as being a quantum leap for the Dubai Land Department. Our involvement in this initiative supports our position in raising the benchmark for unifying surveying standards in Dubai, as we will be working with more than 20 specialised international organisations that are experienced in this domain. These relationships will support our strategic plans, both in the short and the long term,” he added: The efforts to unify surveying standards should benefit property owners and investors, as it will negate some of the issues and problems that can arise from differing standards used by real estate operators. It will support transparency and trust and will contribute to the convergence of global markets.
It should also have a positive role in supporting Dubai’s bid to host Expo 2020, in line with the Expo slogan; �Connecting Minds, Creating the Future’ and help with the forging of new relationships to ensure prosperity and sustainability in the future. The ultimate aim is that Dubai’s profile as an experienced regulator and global market real estate leader will be raised, due to its partnership with the internationally renowned organisations involved with this initiative.
In addition to the World Bank and International Monetary Fund, other organisations participating include the British Institute of Surveyors, the World Federation of Real Estate and the Asian Society of Real Estate. The project will have the direct support of the Dubai Real Estate Institute, which is the educational arm of Dubai Land Department.
The agency will join the global initiative through the development of training and awareness programs for workers in the real estate markets of the Middle East and North Africa.