Dubai Land Department And Awqaf Join Forces To Enhance Real Estate Asset Management

The Dubai Land Department (DLD) has partnered with the Awqaf and Minors Affairs Foundation to enhance the foundation's real estate assets. This collaboration will utilise DLD’s Building Classification Project to improve property management. The agreement was formalised at DLD headquarters by Majid Al Marri, CEO of the Real Estate Registration Sector, and Khalid Al Thani, Deputy Secretary-General of Awqaf Dubai.

This partnership aims to assess and reclassify Awqaf Dubai’s properties using DLD’s standards. The goal is to upgrade these assets following improvements. Additionally, it provides inquiry services for lands and properties belonging to deceased individuals, minors, and those in similar legal situations, with full access to necessary documentation.

Al Marri highlighted that this initiative aligns with Dubai’s vision of becoming a global leader in real estate management. He stated, "We aim to enhance property competitiveness and introduce efficient, transparent mechanisms for managing assets held by deceased individuals and minors. This reflects our commitment to innovation and government integration, aligned with Dubai’s long-term economic and sustainability goals."

Khalid Al Thani emphasised that the collaboration demonstrates Awqaf Dubai’s commitment to strategic partnerships that foster inclusivity and sustainable asset management. He mentioned that the classification system will allow the foundation to better evaluate and upgrade its buildings, ensuring optimal returns for endowers and minors.

The partnership will also create a shared system for accessing endowment property data and processing requests. This development aims to improve service quality significantly.

Building Classification Project Criteria

DLD’s Building Classification Project evaluates properties based on five main criteria: engineering standards, sustainability, documentation, health and safety, as well as management and finance. Properties receive ratings from 1 to 4 stars, with a 4+ rating reserved for top-performing green buildings.

Factors such as maintenance quality, air conditioning systems, elevators, parking facilities, and façade conditions are also assessed under this project. These evaluations are designed to provide proactive solutions for real estate stakeholders.

Benefits for Stakeholders

The project offers significant advantages for various stakeholders in the real estate sector. Investors, owners, tenants, developers, along with both government and private sector entities stand to benefit from these improvements.

This collaboration between DLD and Awqaf Dubai marks a significant step towards enhancing real estate asset management in line with Dubai's broader economic goals. By focusing on strategic partnerships and innovative solutions, it aims to set new benchmarks in property management within the region.

With inputs from WAM