Dubai Real Estate Corporation (DREC), the government-owned corporation that owns and manages all properties under the name of the Dubai government, has announced the establishment of ‘wasl', an Asset Management Group to oversee its rapidly expanding asset portfolio. ‘wasl' will focus on the Project Management, Property Management, Hospitality and Investment.

HE Ahmad Bin Byat, Chairman, DREC said, "Growth is paramount in Dubai's mandate for the real estate sector. As an organization that manages a sizeable land bank for Dubai, DREC and its new subsidiary, wasl will contribute to the city's strategic goals for the sector and beyond. What makes this launch even more noteworthy is that wasl will take the key experiences from Dubai's real estate sector growth to new levels of innovation and excellence."

wasl's project management capability will cover Residential, Commercial, Retail, Light-Industrial, Public Utilities, Educational Institutions, Leisure and Entertainment sectors. The divisions are expected to eventually operate as independent business units, while remaining committed to wasl's global benchmark of business excellence in day-to-day operations.