In celebration of the Holy Month of Ramadan, Dubai Property Group (DPG), Dubai’s only real estate professional association, hosted an Iftar event at Dubai’s Park Hyatt Hotel yesterday evening for its members and media representatives.
The event was attended by HE Eng Hamad Buamim, the Director General of Dubai Chamber of Commerce & Industry, who talked about the importance of business transparency in Dubai’s real estate sectors for investors, tenants and other stakeholders as the industry becomes more and more global.
“We are all aware of the vision of H.H. Sheikh Mohammed bin Rashid Al-Maktoum to make Dubai emerge as a truly global city with a broad economic base diversified away from oil,” said Buamim. “The real estate sector plays a key role in this vision of ‘Nation Building’ to create an attractive environment to encourage large scale investments.”
Transparency provides an indicator of the openness of ‘ease of doing business’ in any particular market. However, in recent years significant progress has been made in improving transparency and opening up the market worldwide, the industry still struggles in many countries to provide the basic market data, reporting standards and governance expected by international businesses and investors. Dubai has shown the greatest improvement of any market worldwide in the past years, jumping from a ranking of 46 to 32 in the international real estate transparency index, elevating its status from a ‘low transparency market’ in 2006 to a ‘semi-transparency’ market in 2008.
“International and local stakeholders are demanding more information, consistent treatment and higher ethical standards,” said Adel Lootah, the executive director of DPS. “DPS aims to help the real estate industry grow and prosper and is uniquely positioned to do so; we believe that maintaining a strong relationship with our members emphasizes the importance of building a healthy real estate community, one that actively engages in anti-corruption practices and ethical governance, for the continued growth of our great city.”
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