Wasl Asset Management Group is one of the leading real estate development and management companies in Dubai, UAE. Established on May 25, 2008, it was founded by the Dubai Real Estate Corporation (DREC) to manage and expand its vast portfolio of assets. The name "Wasl" translates from Arabic as "connection," reflecting the company's mission to integrate various aspects of real estate and asset management in Dubai.
Wasl was formed through the merger of two government entities: the Dubai Development Board and the Real Estate Department. This consolidation created a powerful structure for efficient real estate management and development in the emirate. At the time of its founding, the company managed approximately 25,000 residential and commercial properties across different areas of Dubai, including Deira, Bur Dubai, Al Karama, Muhaisnah, Al Barsha, Jumeirah, Al Wasl, Jebel Ali, Al Quoz, and Ras Al Khor.
Wasl Asset Management Group consists of several key divisions:
- Wasl Properties: Responsible for the management and development of residential and commercial real estate.
- Wasl Hospitality and Leisure: Focuses on the hospitality and leisure industry.
- Dubai Golf: Manages golf clubs and related properties.
Since its establishment, Wasl has significantly expanded its portfolio, now managing over 47,000 properties. The company actively develops and oversees residential, commercial, and hospitality projects to meet the growing demand for quality real estate in Dubai.
Notable projects by Wasl include:
- Tiara United Towers: Two 193-meter skyscrapers in Business Bay, offering 849 residential units of various types, from one- to four-bedroom apartments, as well as duplexes with private pools. Construction began in 2006 and was completed in 2021.
- Al Wasl Tower: A 63-story skyscraper standing 302 meters tall on Sheikh Zayed Road. The project features a unique rotating design and a ceramic facade to protect against sunlight. It is expected to become one of the tallest buildings in the world with a ceramic facade.
- Wasl1 Residences: A residential complex near Zabeel Park, consisting of two 43-story towers connected at the podium and upper levels. The project offers modern apartments with diverse layouts and premium amenities.
The chairman of Wasl is Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. Hisham Abdullah Al Qassim serves as Vice Chairman and CEO. Under their leadership, the company aims to strengthen Dubai's position as a global hub for investment and tourism by developing innovative projects and enhancing customer service.
Wasl Asset Management Group plays a key role in the development and management of real estate in Dubai. Through its strategic approach, diverse portfolio, and high-quality services, the company contributes to solidifying the emirate’s status as a leading global real estate and tourism destination.