Wasl (company) explained

Wasl
Type:Semi-government company
Industry:Real estate management and development
Founder:Dubai Real Estate Corporation
Hq Location:Dubai
Hq Location Country:UAE
Subsid:Wasl Properties, Wasl Hospitality & Leisure, Dubai Golf

Wasl (Arabic: وصل,lit. 'connection') is a semi-government real estate management and development company based in Dubai, United Arab Emirates.[1] It is one of the largest real-estate development and management companies in Dubai.[2] [3]

History

Wasl is a semi-government entity established on May 25, 2008, by the Dubai Real Estate Corporation (DREC) to oversee the development and management of its assets.[4] It was created following the merger of two public sector organisations: Dubai Development Board and Real Estate Department.[5]

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, deputy ruler of Dubai, deputy prime minister and minister of finance was named chairman of Wasl. Hesham Abdulla Al Qassim was appointed vice chairman and chief executive officer.[6] [7] [8] In 2017 Wasl entered into a joint venture with the Dubai Integrated Economic Zones Authority to develop Dubai CommerCity.[9]

In 2021, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced Food Tech Valley,[10] a UAE-government-led global food security initiative. Wasl is developing the project in partnership with the UAE's Ministry of Climate Change and Environment.[11]

Subsidiaries

Wasl Properties

Wasl Asset Management Group established Wasl Properties in 2008. At the time of inception, Wasl Properties had 25,000 residential and commercial properties within older areas of Dubai city, including Deira, Bur Dubai, Al Karama, Muhaisnah, Al Barsha, Jumeirah, Al Wasl, Jebel Ali, Al Quoz and Ras Al Khor.[12] [13]

In 2014, Wasl entered Dubai's freehold real estate sector with the Hyatt Regency Creek Heights project, which consists of two towers.[14]

The company develops residential, commercial and mixed use projects across Dubai, including Wasl Gardenia[15], Wasl Village,[16] Tiara United Towers,[17] Wasl Green Park,[18] Wasl Gate, Wasl1, seven community malls across Dubai: Dar Wasl, Wasl Vita, Wasl51, Wasl Port Views, Wasl Square, and more.[19] [20] [21]

References

  1. Web site: 2017-09-26 . Wasl Asset Management Group's H.E. Hesham Al Qassim On Dubai's Real Estate Market . 2024-08-30 . Entrepreneur . en.
  2. Web site: 2018-03-19 . wasl breaks a Guinness World Records title in celebration of the ‘Year of Zayed’ . 2024-08-30 . PCMag Middle East . en-ae.
  3. Web site: Top 50 Real Estate Developers in MENA 2021. wasl Asset Management Group . 2024-08-30 . forbesmiddleeast.com.
  4. Web site: 2022-09-13 . Wasl Asset Management - Construction Week Online . 2024-08-30 . en-US.
  5. Web site: 2008-05-25 . Firm begins reshaping Dubai's landscape . 2024-08-30 . gulfnews.com . en.
  6. Web site: Real-Estate-Icons-32-Hesham Abdulla Al Qassim - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More . 2024-08-30 . www.arabianbusiness.com . en-US.
  7. Web site: King . Neil . 2018-11-24 . Eye on the future: UAE's wasl Asset Management CEO Hesham Abdulla Al Qassim . 2024-08-30 . en-US.
  8. Web site: Hesham Abdulla Qassim Al-Qassim . 2024-08-30 . wsj.com.
  9. Web site: Abbas . Waheed . Dubai CommerCity sees strong demand for office space . 2024-08-30 . Khaleej Times . en.
  10. Web site: 2023-05-03 . Food Tech Valley to triple Dubai food production - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More . 2024-08-30 . www.arabianbusiness.com . en-US.
  11. Web site: National Food Security Strategy 2051 The Official Portal of the UAE Government . 2024-08-30 . u.ae . en.
  12. Web site: Properties . Tanami . Wasl Asset Management Group . 2024-08-30 . www.tanamiproperties.com . en-us.
  13. Web site: Wasl properties . 2024-08-30 . www.thedubailands.com . en-AE.
  14. Web site: 2014-12-15 . wasl sells out phase 1 of Dubai Creek project - Construction Week Online . 2024-08-30 . en-US.
  15. News: Dubai: Wasl sells out Gardenia townhomes II in second phase sale. 21 February 2023 . Khaleej Times . UAE .
  16. Web site: 2022-04-08 . Wasl Properties launch 6,200 housing units within new Al Qusais project . 2024-08-30 . en-US.
  17. Web site: 2021-08-06 . Dubai developer launches twin-tower project in Business Bay - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More . 2024-08-30 . www.arabianbusiness.com . en-US.
  18. Web site: 2021-12-26 . Wasl Properties launches ‘wasl green park’ in Ras al Khor . 2024-08-30 . gulfnews.com . en.
  19. Web site: 2017-09-15 . Driven By Duty: wasl Asset Management Group CEO H.E. Hesham Al Qassim . 2024-08-30 . Entrepreneur . en.
  20. Web site: 2016-06-23 . UAE: wasl unveils 464-sqm mosque in Muhaisnah - Construction Week Online . 2024-08-30 . en-US.
  21. Web site: 2022-10-29 . Dubai's asymmetrical wasl tower takes shape - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More . 2024-08-30 . www.arabianbusiness.com . en-US.

External links

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