Asset group bids to boost Dubai real estate market

photo credit: buggolo

An asset management group is revamping several Dubai landmarks in an effort to boost the development of the local real estate market.

Wasl is to examine the likes of the HSBC Bank building in the Bani Yas market and the Dubai International Marine Club in order to give them “a new dimension”.

The company is also looking to overhaul the Ras Al Khor area and complete more than 2,500 residential units for its employees.

Wasl is already working on a study of the Dubai tourism sector to identify new ways to attract more visitors to the emirate.

Hesham Al Qassim, chief executive of the company, 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.”

The firm is also involved in commercial property and storage space, areas still experiencing a surge in demand in Dubai.

Al Qassim added the firm’s activities would help to stabilise real estate market prices in Dubai.

Last week it was revealed Emaar properties was rolling out a new payment plan in an effort to kick start stalling demand for some of its high-end apartments.

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