DED and DREC pen investment deal

18/03/2009 - Dubai Property News
DED and DREC pen investment deal

The Department of Economic Development (DED) and the Dubai Real Estate Corporation (DREC) have signed a memorandum of understanding (MoU) that will encourage international commercial investment in Dubai.

Mr Sami Al Qamzi, director general of DED, received a delegation headed by Hesham Al Qassim, chief executive officer of DREC, at the former organisation's headquarters in Deira.

There, the pair agreed to a new arrangement which will enable those planning to buy commercial property in Dubai to view project information held by the DREC.

Commenting on the new memorandum, Mr Al Qamzi said: "The increased synergy between the agencies will boost the performance of each department and strengthen Dubai's appeal as a pro-business investment destination."

He also iterated the commitment of both groups to invest heavily to maintain Dubai's world-class infrastructure.

DED has also recently signed an MoU with the Ports, Customs and Free Zone Corporation to improve commercial licensing processes.ADNFCR-2019-ID-19080987-ADNFCR