Major Investment and Expansion
Binghatti Developers, a prominent player in Dubai's real estate market, has unveiled an ambitious plan to launch 12 new projects in the latter half of 2024. This expansion represents an investment exceeding AED 10 billion (approximately $2.7 billion). The CEO, Muhammad BinGhatti, emphasized the strong demand and robust sales driving their current projects, indicating a thriving market.
Successful Projects and Market Appeal
Sales figures for Binghatti's luxury projects reflect their success: the 'Mercedes Benz Places – Binghatti' project has surpassed 90% in sales, while the 'Jacob & Co Residences' project has achieved over 50%. BinGhatti attributed this success to Dubai's attractive business environment and lucrative rental returns, which appeal to a diverse group of international investors.
Strategic Partnership with Dubai Land Department
Binghatti Developers has entered a strategic partnership with the Dubai Land Department (DLD) to bolster the 'Dubai Real Estate Broker Program'. This collaboration aims to integrate the private and public sectors, enhancing the real estate market's overall efficiency. BinGhatti highlighted that this initiative aligns with the company's objectives of contributing to Dubai's real estate sector's growth and innovation.
Emirati Empowerment and Real Estate Academy
A key focus of Binghatti's strategy is to enhance Emirati participation in the real estate market. The company plans to offer discounts to Emirati investors and flexible payment plans for brokers to stimulate sales and commissions. Moreover, Binghatti Developers will establish a real estate academy within a year, aiming to train and develop local talent for various roles within the industry.
Enhancing Competitiveness and Employment
The partnership with DLD is also designed to increase Emirati competitiveness in the real estate sector. The initiative will provide employment opportunities, support projects, and offer guidance to help Emiratis qualify for private sector roles. Both Binghatti Developers and DLD are committed to fostering innovation and growth within Dubai's real estate industry through these cooperative efforts.
Binghatti Developers' announcement of 12 new projects, coupled with their strategic initiatives to support Emirati participation and training, underscores their commitment to driving growth and innovation in Dubai's real estate market. This significant investment highlights the continued confidence in Dubai's market potential and the proactive steps being taken to ensure sustainable development and economic integration.