The Dubai Land Department (DLD) has signed a cooperation agreement with Emirates Auction – the leading company in managing public and online auctions in the Middle East –  to organize and manage the selective real estate auctions under the remit of the Dubai Land Department for individuals and institutions.

This partnership is seen as an important step to reinforce Dubai’s real estate competitiveness through the provision of world-class services for real estate auctions in the Emirate of Dubai.

The agreement was signed by HE Sultan Butti bin Mejren, Director General of DLD and HE Abdullah Matar Al Mannai, Chairman and Managing Director of Emirates Auction.

The event was also attended by Majid Al Marri, CEO of the Commercial Registration Sector at DLD and a number of officials from both sides.

The agreement provides for a strategic partnership to develop the real estate sector in the Emirate of Dubai and to enhance its competitiveness. Under this partnership, the Emirates Auction, which possess a unique record in organizing and managing real estate and judicial auctions, shall under the responsibility of organizing and managing all the selective real estate auctions under the remit of DLD for individuals, institutions, banks and real estate developers, whether through online public auctions or through auction houses.

According to this partnership, Emirates Auction shall open the door to the concerned companies and individuals to advertise their properties in its auctions. This step reflects the qualitative transformation in organizing the real estate auctions in the Emirate of Dubai.

The agreement is the first-of-its-kind in terms of its diversity and inclusiveness of all categories from individuals and enterprises, in addition to courts.

This reflects the leading role of Dubai’s real estate sector and its ability to innovate further solutions that foster the real estate sector and reinforce its position as one of the most prominent sectors that bolster the economic growth in the Emirate of Dubai.

HE Sultan Butti bin Mejren, Director General of DLD, said: “This agreement is part of DLD’s plan and endeavors to strengthen and develop its services, so as to serve Dubai journey toward building a smart and diversified future. Most importantly, this agreement will pave the way for enriching the experience of our customers, diversifying auction preferences, improving its mechanisms, simplifying its procedures and achieving the highest revenues.

This, in turn, would help achieve DLD’s message in terms of creating a globally sustainable and innovative real estate environment, so as to make Dubai a happy city through integrated smart services and real estate legislation.”

For his part, HE Majid Al Marri, CEO of the Commercial Registration Sector at DLD, said: “We, at DLD, are always keen on attracting investors from various economic sectors, in accordance with wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in terms of consolidating Dubai’s stature as a safe and rewarding destination for investors.”

“Today and after signing this agreement, we reaffirm our commitment to working will all partners to enhance the position and contribution of the real estate sector as one of the drivers and stimulators of the economic growth in Dubai. For that reason, we chose Emirates Auction to be our pioneering partner in providing such services, in view of its worldwide reputation and outstanding services in this field,” Al Marri added.

In turn, HE Abdullah Matar Al Mannai, Chairman and Managing Director of Emirates Auction, said: “The agreement is constituting a new chapter of the growth and development of the real estate sector in Dubai. Our strategic partnership with DLD would help scale up the real estate sector and contribute to diversifying its services.

“Over the past 15 years and through our accumulative experience in organizing and managing the country’s judicial real estate auctions, we are looking forward to pursuing our journey toward boosting the real estate sector and enriching the auction mechanisms in the Emirate of Dubai, as well as enhancing the experiences of all stakeholders and saving a lot of time and effort,” Al Mannai added.

He further continued: “We are pleased to cooperate with DLD, which has an ambitious vision in terms of making Dubai the world’s first real estate destination for innovation, confidence, and happiness. We, at Emirates Auction, will exploit our expertise in promoting the happiness of the real estate investors in Dubai and easing the procedures of public real estate auctions to align with the smart transformation of Dubai and its unique real estate sector.”

“We reiterate our determination to resume our march in bolstering the real estate sector in Dubai, where we are expanding the field of real estate auctions, especially with the excellence of our services over the past years in the judicial real estate auctions field. We are also keen on maintaining the competitiveness and attractiveness of Dubai’s real estate sector to attract further investments whether enterprises or individuals,” he noted.

Al Mannai emphasized the commitment of Emirates Auction to applying the highest international standards in the customer service field and achieving the highest returns from real estate auctions to our partners. This commitment stems from our numerous accomplishments and milestones, for instance, breaking ten Guinness World Records. One of them is the selling of the most expensive property via online auction with a value of AED 385 million.

During the signing ceremony for the agreement, Emirates Auction dedicated the Dubai Land Department the Guinness World Records certificate for selling the most expensive property via online auction in October 2019.

Such initiative shows the robustness of the strategic partnership between the public and private sector and the deep relations between both sides for the benefit of mutual interest.