A raft of vital initiatives by the Dubai Land Department has helped to improve transparency over the past few years
Dubai and Abu Dhabi are ranked high on The Global Real Estate Transparency Index (GRETI), indicating the increasing attractiveness of both emirates as investment hubs within the region.
Dubai and Abu Dhabi are ranked 36th and 48th on the index, which was developed by global property consultant JLL.
"As governments and businesses recover from the impact of COVID-19, questions around transparency and trust have been bought into even sharper focus. During times of such uncertainty, the need for transparent processes and accurate, timely data becomes more important than ever,” said Thierry Delvaux, CEO, JLL Middle East and Africa (MEA).
A raft of vital initiatives by the Dubai Land Department has helped to improve transparency over the past few years, while Abu Dhabi became one of the top performers globally on the back of its strong sustainability initiatives, JLL said in a report.
Meanwhile, with a focus on diversifying its economy away from oil and attracting private investments, Saudi Arabia was ranked 3rd in the MENA region. Overall however, the region has seen transparency levels decline from 2018, the report said.
The most significant initiative launched in Dubai in 2019 was the creation of an official transaction-based index, Mo’asher by the DLD in partnership with a private sector entity.
While the new index may lack the robustness of the valuation-based indices available in more mature markets, Mo’asher constitutes a potentially important step forward for Dubai, as it means the establishment of a single index that is widely used by all market participants, JLL said in its report.
The notable initiatives introduced in Abu Dhabi include, the UAE Ministry of Climate Change and Environment signing a pledge with the Abu Dhabi Global Market (ADGM), a financial Freezone, to embed sustainable finance policies in the UAE.
The first Green REIT was also established at the ADGM in early 2020 by Masdar, a subsidiary of Mubadala Investment Company. The Abu Dhabi Digital Authority (ADDA) also unveiled a new Abu Dhabi Data Management Program (DMP), offering a data-centric platform and sharing ecosystem. This falls under the Open Data initiative under the city’s development accelerator program, Ghadan 21.
0 comments