The United Arab Emirates (UAE) is spearheading a movement toward sustainability in the Middle East, incorporating eco-friendly standards into the realms of construction and real estate. However, as outlined by professionals Ian Bevan and Ejiro Otu of the multinational law firm Allen & Overy LLP, there are still steps to be taken to further incentivise green building solutions within the region.
It’s clear that the UAE is making a significant push toward environmentally conscious practices in real estate. As one of the wealthiest nations in the Middle East, the country has the potential to encourage a shift toward green building not only within its own borders, but also in neighbouring nations.
Yet, as Bevan and Otus note, the establishment of sustainability standards isn’t enough on its own. For the paradigm shift toward green real estate to be fully realised, there need to be incentives in place that coax the construction sector to adopt these standards.
Incentives can take a myriad of forms, ranging from grants and tax breaks for green constructions to financial obligation relief for reconstructions that enhance energy efficiency. The introduction of such incentives would not only boost the adoption of green standards but also pave the way for the creation of a new, vibrant sector within the real estate industry: green real estate.
Nevertheless, despite the challenges, the UAE’s endeavor to incorporate green solutions into its real estate market is a significant step toward a more sustainable future. The pivotal role the country could play in encouraging its neighbours to adopt similar measures shouldn’t be understated.
If you want to learn more about this topic, you can read the original article by Ian Bevan and Ejiro Otu, here on JDSupra.