Dubai, UAE , 25 April 2012 - ICD-Brookfield, a Dubai-based real estate fund sponsored by Investment Corporation of Dubai and Brookfield Asset Management, has joined the real estate development initiative (Tanmia), a program launched by the Real Estate Investment & Management Promotion Center, the real estate investment arm of the Dubai Land Department (LD). Both parties have signed the joining agreement with the purpose of enhancing mutual cooperation among official and unofficial institutions in Dubai to promote investment in various sectors in the emirate. This takes the total number of companies and corporations that signed agreements to join Tanmia to12 real estate institutions.
The agreement was signed by Sultan Butti bin Mijren, LD's Director General and Khaled Al Bakhit, Chairman of ICD-Brookfield.
Majida Ali Rashid, Manager-Real Estate Investment Management & Promotion Center said: "the agreement to join Tanmia will lead to further quality developments in the real estate market, especially with the ICD-Brookfield's aim to buy existing real estate projects to distribute to beneficiaries of its programs." She asserted that the real estate market has become a perfect model in terms of turning challenges into opportunities.
"Through this initiative, we focus on incomplete projects of all categories, and target public and private sector companies to benefit from such projects in accordance to market conditions and the interests of all involved parties. And with the signing of this agreement, ICD-Brookfield will have priority in offering those projects," she added.
She further explained that the purpose of signing the agreement is to lay partnership foundations between the Department and ICD-Brookfield for the best of the real estate sector. "Increasing investors' confidence in the market is our top priority, and we are sure that the Center's initiatives will play a major role in raising investors' confidence in the Dubai real estate environment, while increasing investment opportunities through attracting local and foreign capital," she concluded.
On the same note, Khaled Al Bakhit, Chairman of ICD-Brookfield, hailed the Tanmia real estate initiative and praised the efforts exerted by the Dubai Land Department to raise investors' confidence in the sector. He added "Tanmia Real Estate program is an investment development scheme that encourages real estate investments in the emirates, concentrating on incomplete projects. We believe that this initiative will promote efficient collaboration between the Land Department and interested investors in Dubai real estate, such as ourselves as participants in the program, and will ultimately enhance real estate investment decision making. This will undoubtedly improve overall market efficiency and support the domestic real estate sector, which is consistent with our co-sponsors ambitions and role in society"
About Dubai Land Department:
Dubai Land Department was established in January 1960 to provide a systematic method for registration of land and property and protect the rights of clients and ensure all legal aspects relating to the sale and purchase of land, which enabled the Department to organize the registration process, which aims primarily to protect all relevant parties. In order to organize and develop the real estate sector in the emirate Real Estate Regulatory Authority (RERA) was officially established as a subsidiary of the Dubai Land Department in 2007 under Law No. (16).
© Press Release 2012
