New projects aim to meet Dubai’s growing tourism

The Dubai Government has started implementing some development projects after restructuring its investment arms and recapitalising financial institutions.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday approved a number of mixed-use and tourism projects with an investment exceeding Dh2 billion to be developed by Wasl Asset Management Group (Wasl), a subsidiary of Dubai Real Estate Corporation (DREC).

DREC is a Dubai Government-owned property company having 25,000 housing units, mostly in the leasing and rental market.

The announcement comes following Shaikh Mohammad’s visit to the headquarters of Wasl. He was accompanied by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of DREC.