Dubai Crown Prince and Chairman of The Executive Council HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced the launch of the Dubai RE-Tech platform.
The digital platform is designed to support enhanced decision-making and promote growth and sustainability across the real estate sector.
The new initiative provides a valuable tool to map the future of Dubai's real estate sector in line with international best practices, which helps boost investor confidence.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasized that the government of Dubai is making steady progress in its transformation into the most brilliant city in the world while continuing to work to provide all its services, both to individuals and institutions, as well as to investors in an easy way while adopting digital solutions and innovative technologies that improve efficiency performance in all sectors.
The idea of the new platform is based on the use of advanced technologies to develop an integrated real estate model that relies on the use of artificial intelligence to analyse big data in the various real estate sectors in Dubai, including expectations and future scenarios, intending to adopt proactive strategies, policies, and initiatives to deal with opportunities and changes in the real estate market.
The UAE will also set up a Dh1bn ($272 million) private equity fund for lending to SMEs based in the country and operating in strategic sectors, which will be released from the first quarter of 2022 and over the next five years.
According to the ministry's presentation, the UAE's Entrepreneurial Nation initiative programs will start this month.