The Dubai Land Department launched the “Reiss Real Estate Innovation” initiative, with the aim of putting Dubai on the global map in the field of real estate technology and real estate artificial intelligence. It is a prominent gathering, designed to showcase a new chapter of innovation in the Dubai real estate market, where thought leaders and sector specialists collaborate to stimulate a wave of progress capable of redefining the urban landscape. The initiative comes in support of Dubai’s D33 Economic Agenda and its ambitious goals to make Dubai a major center for incubating innovations.
The new innovative initiative was launched under the slogan “Reiss: Where Artificial Intelligence Meets Innovation Accelerators,” in the presence of Engineer Marwan bin Ghalita, Acting Director General of the Dubai Land Department, during an exceptional event that brought together more than 200 people from sector partners and an elite group of officials and experts and thought leaders, and witnessed many sessions and discussions that addressed the most prominent trends in the international real estate technology market, opportunities and capabilities, with the participation of 25 specialized companies, including 11 exhibiting companies, and 14 companies represented by speakers in the discussion sessions.
On the sidelines of the event, a real estate technology business group was launched, in cooperation between Dubai Land Department and Dubai Chambers, while the department established several strategic partnerships, including Dubai Future District Fund, Logic Technologies Limited, Amnes Media, Al Safar & Partners Advocates and Legal Consultants, Striper Ventures MENA Limited, Equiplus DWC, with the aim of supporting and developing real estate innovation and attracting technology companies specialized in real estate to the Emirate of Dubai to enhance the innovation work system in real estate technology, financing and supporting real estate technology companies, linking the “Reis Initiative” with funded companies such as venture capital companies, sharing reports on artificial intelligence, and other Areas of cooperation.
Engineer Marwan bin Ghalita said: “The Emirate of Dubai is embarking on its sustainable development journey, with a wise vision led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, may God protect him, as His Highness affirmed when launching the Dubai Economic Agenda D33 that we in Dubai know our global economic position in the coming years, and the world makes way for those who know what they want.”
He explained that the “Reiss” initiative is part of the department’s readiness for the future, as our strategy aims to enable real estate companies to adopt technology at all stages of development, which contributes to enhancing investments and developing the sector.
He stated in newspaper statements that the “Reiss” initiative brings together the most prominent real estate information technology companies (Proptech and Fintech), which contributes to enhancing the real estate sector’s readiness for the future. He stressed that all the real estate projects that we see in Dubai are unique and distinctive and have been able to attract a lot of investments, but the time has come to make these real estate facilities equipped with technology in order to serve the investor and the resident.
He continued: “We have gathered under the umbrella of “Reiss” more than 25 companies that provide many advanced and advanced technical real estate solutions, an example of this is data solutions. As an investor residing outside the country, you can today view updated market data, energy consumption efficiency, classification levels, and real estate trades, which “It gives you a greater incentive to invest more in light of the existing level of transparency.”
Bin Ghalita explained that the companies participating in the initiative also provide many advanced technical solutions, especially those related to real estate financing. As we know, real estate financing from banks today takes a long time that may extend to months, but in light of the technical solutions provided by the companies, there will be a shortening of the effort. The time ranges from two months to a week, in addition to solutions for surveying and shortening the financing programs in the country, energy technologies, real estate management, rents, and monthly payments, and this is what the market needs.
Bin Ghalita stressed that many of the technologies available today contribute to enhancing real estate investments and developing the sector, pointing out that the initiative is also part of the department’s readiness for the future, as we have signed many partnerships and we have future plans to conclude a number of partnerships with external parties, and the main goal today is Launching a gathering of real estate and future technologies in cooperation with the Dubai Chamber.
He stated that this technical gathering gives us more momentum, as all relevant companies are under one umbrella and the Land Department supports them, noting that the “Reiss” initiative includes many other initiatives related to the real estate sector.
Bin Ghilta added: “Our strategy aims to enable real estate companies to adopt technology at all stages of development. Some of the companies in the initiative provide smart solutions starting from the construction stage all the way to detecting iron corrosion in projects using artificial intelligence technology.”
Bin Ghalita pointed out that the 25 companies under the umbrella of the initiative offer the best advanced and modern solutions in the market. It is also part of the “Reiss” initiative to have an alliance with financing funds that finance new and innovative ideas or contribute to the growth and expansion of companies.
The initiative will contribute to providing a supportive infrastructure for real estate innovations, including supportive legislation and funded accelerators, enhancing the competitiveness of local real estate technology companies in global markets through the global department’s partnerships, and establishing a business group for real estate technology companies under the umbrella of Dubai Chambers, to enhance its role in developing the real estate sector system.
In turn, Magda Ali Rashid, Executive Director of the Real Estate Development Sector at the Dubai Land Department, confirmed that the initiative is considered the most important in the region in the field of real estate innovation, noting that it is designed to support and attract companies specialized in the field of real estate technology from Dubai, in addition to highlighting Highlighting the most prominent technological solutions in the field of real estate in Dubai that are compatible with the local market as well as international markets.