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Dubai Real Estate Corporation

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Dubai Real Estate Corporation (DREC) is a public corporation under Department of Tourism and Commerce Marketing of the Government of Dubai.[1]

History[edit]

It was established in June 2007 by Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, through Law Number 14 to consolidate and manage the real estate assets registered to the government or any of its departments.[2] As per this law, DREC is responsible for constructing, investing or using government land, and commercial and industrial properties in Dubai.[1]

In May 2008, DREC established Wasl LLC to oversee the management of its assets and grow its portfolio.[3][4] DREC owns a sizeable land bank which includes properties registered under the name of the Dubai Government. Its mandate extends to building, investing in and the utilization of commercial and industrial lands and properties.[citation needed]

On 18 June 2011, Sheikh Mohammed bin Rashid Al Maktoum appointed Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai as Chairman of DREC and Hesham Al Qassim, was named as the Deputy Chairman.[5]

See also[edit]

  • Maktoum bin Mohammed Al Maktoum

References[edit]

  1. 1.0 1.1 "Mohammad Bin Rashid issues law on Dubai Real Estate Corporation". gulfnews.com. Retrieved 2020-05-01.
  2. "Watch: Breakthrough treatment for coronavirus developed in UAE". gulfnews.com. Retrieved 2020-05-01.
  3. "Dubai departments merge to form Wasl". Emirates247. 30 June 2008. Retrieved 1 May 2020.
  4. "Dubai Real Estate Corporation (DREC)".
  5. "The Cove Apartments by Emaar at Creek Island". emaar-the-cove.drehomes.ae. Retrieved 2019-04-26.



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