Wasl to expand several properties in Dubai

Dubai Real Estate Corporation's (DREC) asset management group, Wasl, yesterday said it is launching expansion initiatives for a number of properties in Dubai as part of its mandate to oversee and ensure the sustainable development of the real estate sector for Dubai Government.

The HSBC Bank building in the Bani Yas Market and the Dubai International Marine Club (DIMC) are some of the properties that will acquire a new dimension under Wasl's latest plan, which covers the tourism, hospitality and healthcare sectors.

Additionally, the Ras Al Khor area will be revamped, bringing on stream more than 2,500 residential units for Wasl's employees. The project is scheduled to be completed in 18-months.

The asset management group is currently conducting a comprehensive study of the tourism sector to further identify projects, including four-star and five-star hotels, to further drive Dubai's objectives of attracting 15 million visitors by 2015.

Hesham Al Qassim, Chief Executive Officer of Wasl and Dubai Real Estate Corporation, said: "With Dubai gaining a firm foothold on the global tourist landscape as one of the most frequented destinations, it is only important that we complement its status through giving a fresh impetus to our landmark developments. As a diversified asset management company, Wasl pursues a multi-pronged strategy to cater to Dubai's increasing demand in the tourism sector as projected by key industry studies. Our current endeavour will successfully bridge any demand-supply disparity and price variations, adequately equipping Dubai to accommodate the growing number of residents over the next few years."

Al Qassim added that demand for commercial space in Dubai has registered a considerable increase reflecting the real estate sector's robust growth in the emirate.

"Wasl is keen to service the escalating demand for commercial and storage space from light and heavy industries, which underline the heightened trade activity in Dubai. Currently, we manage more than 20,000 customers in the industrial and residential sectors. This includes 5,000 industrial plots of land and 15,000 residential units and a vast portfolio of hotels and entertainment facilities," he said.

Al Qassim added: "Catering to different real estate sectors will stabilise the real estate prices in Dubai. The real estate market is one of the most important segments of our economy and diversity will promote investment and open new economic prospects."

Wasl's areas of expertise includes project management, property management, hospitality, real estate investment management.

The company's vision encompasses the management of real estate projects in the residential, commercial, shopping centres, industrial and real estate development, public utilities and entertainment sectors.

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