Wasl to redevelop key Dubai properties

Wasl has announced it will launch expansion initiatives for a series of landmark properties in Dubai as part of its mandate with the Dubai Government to oversee and implement sustainable development in the real estate sector.

The HSBC Bank building in Bani Yas market and the Dubai International Marine Club (DIMC) are just some of the properties under wasl's latest plans.

The asset management group is currently conducting a comprehensive study of the tourism sector to identify further projects, including four and five star hotels.

Hesham Al Qassim, the CEO of wasl and the 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."

"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 over 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.

"Catering to different real estate sectors will stabilize 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," Al Qassim added.