Wasl’s Real Estate Empire: The Force Behind Dubai’s Modern Landscape

The Dubai real estate landscape has dramatically changed over the past decades. Among those who stand out as part of this evolution is Wasl Asset Management Group, founded in 2008 by the Dubai Real Estate Corporation, or DREC. Wasl has grown to be one of the most influential semi-governmental real estate entities in the city. With a portfolio as impressive and vast in terms of commercial, residential, and mixed-use developments, Wasl is not only changing the skyline of Dubai but also the standards set within property development and urban management.

Wasl was established as a company aimed to oversee the development and management of DREC-owned assets, a role that has dramatically expanded since its inception. It was founded by merging the two major public organizations: the Dubai Development Board and the Real Estate Department. This integration provided Wasl with an extremely vast arsenal of experience and materials that in the long run would establish it as one of the biggest players in Dubai’s real estate market. Under the leadership of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum as Chairman, and Hesham Abdulla Al Qassim as Vice Chairman and CEO, Wasl has always envisioned and looked at the future of elevating Dubai’s urban infrastructure to new heights.

Wasl has a strong market presence in Dubai, with a significant number of developed residential and commercial projects. Wasl Properties was established in 2008 and undertakes property management in some of the oldest neighbourhoods in Dubai, such as Deira, Bur Dubai, and Al Karama. This placement in some of Dubai’s older neighborhoods has assisted Wasl in developing a strong reputation in the mind of a resident and an investor.

Wasl, entering 2014, in its aggressively competitive freehold real estate market took the first step with one big project: two iconic towers under the name of Hyatt Regency Creek Heights. Not only did it help diversify the portfolio, but it also placed it as one of the high-end players in the luxury real estate market of Dubai. Many of the recent corporate announcements represent other high-profile developments: Wasl Gate, Tiara United Towers, Wasl Green Park, and Wasl Village, all bringing something new in the way of lifestyle and operating together with a vision of what Dubai as a modern urban metropolis should represent.

Wasl has been one of the vanguards of innovative urban projects in Dubai. Through a partnership with the Dubai Integrated Economic Zones Authority, in 2017 Wasl initiated Dubai CommerCity, the largest free zone for e-commerce, marking Dubai’s effort to become a global business hub. A collaborative project between Wasl and the UAE Ministry of Climate Change and Environment, launched in 2021. Sheikh Mohammed bin Rashid Al Maktoum’s initiative improves food security and encourages sustainable agricultural practices that fit Wasl’s innovation and sustainable development commitment mirroring national priorities.

Some of its projects extend to developing community-centric spaces that pay more attention to quality life. The group manages seven community malls located all over Dubai: Dar Wasl, Wasl Vita, Wasl51, and Wasl Square. These are not just designed to be shopping destinations but hubs of community gatherings and social gatherings, which reflects Wasl’s pursuit of maintaining very vibrant and connected communities.

Such strategic focus on quality, innovation, and sustainable growth has helped Wasl earn the trust of residents in Dubai as well as international investors. With a strong slate of upcoming projects on the horizon, this company continues to play an important part in the real estate landscape of Dubai, building properties to cater to every type of need and enhancing the appeal of this cosmopolitan city as a global destination.