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Dubai Real Estate Corporation (DREC) was established by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in June 2007 through Law Number 14 to consolidate and manage the real estate assets registered to the government or any of its departments. As per this law, DREC is responsible for constructing, investing or using government land, and commercial and industrial properties in Dubai. In May 2008, DREC established wasl LLC to oversee the management of its assets and grow its portfolio .
On 18 June 2011, Sheikh Mohammed bin Rashid Al Maktoum appointed His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai as Chairman of DREC and His Excellency Hesham Al Qassim, was named Deputy Chairman.