BrazilKnight Frank signs knowledge partner MoU with Dubai Land Department
Global property consultancy Knight Frank has signed a memorandum of understanding with the Dubai Land Department to assist in promoting Dubai’s real estate to the global market through the property firm’s body of research insights.
With services in real estate registration, investment promotions and corporate support, the Dubai Land Department (DLD) is a government entity originally established in 1960 and currently mandated as a market regulator and promotional body for inbound real estate investment and industry innovation. As part of its efforts, the DLD recently signed an agreement with global property consultancy Knight Frank.
According to a statement, Knight Frank, which has a strong Middle East footprint with a fifteen-year presence and offices in Bahrain and Saudi Arabia in addition to locations in Abu Dhabi and Dubai, will now act as an official knowledge partner of the Dubai Land Department, leveraging its wealth of local data insights and a global capacity spanning more than 18,000 employees in 60 worldwide markets to provide the DLD with a series of reports and advisory services.
Dubai Land Department’s long-time director-general Sultan Butti bin Mejren, who signed the deal with Knight Frank partner Maria Morris, said of the agreement; “The MoU with Knight Frank Middle East is a strategic one that DLD has undertaken not only to consolidate Dubai’s real estate market, but also to promote DLD’s services overseas, as well as Dubai’s global position as hub for real estate and investment.”
Morris, who also leads Knight Frank’s MENA Project Marketing and Prime Residential practice, said in response; “Knight Frank has been in the Middle East for over 15 years and possesses a wealth of data and insights across both the commercial and residential sectors, retaining itself as a constant source of research content for investors, analysts, and media… By signing this MoU, we are delighted to continue our support of DLD and their efforts to ensure Dubai is one of the best places to live and work globally.”
The MoU was signed at the recent Cityscape Global 2018 at the Dubai World Trade Centre (which recently welcomed global strategy firm The Boston Consulting Group to its One Central development), as one of two signed by the DLD. The second MoU was agreed with trustees OnTime Property Registration, with the aim to better serve remote clients through expedited and centralised registration services – cutting down process time from ten working days to one.
The Dubai government has embarked on a series of policy reforms with an eye to stimulating a slumping commercial and residential real estate sector, such as by introducing ten-year visas for investors and highly-skilled expats and allowing 100 percent ownership in Dubai-based businesses. The government is also planning to roll out a block-chain based digital real estate platform, which will likely stimulate both the market and competition between residential property services firms.
