wasl was established on May 25, 2008 by the Dubai Real Estate Corporation (DREC) to oversee the management of its assets and grow its real estate portfolio. Its main objective is to strengthen Dubai’s position as the premier hub to live and work in and at the same time be the ultimate destination for tourists. Wasl was formed through the merger of two government organizations, the Dubai Development Board and the Real Estate Department. Its activities have been focused on a number of key business sectors, including project and property management, hospitality, and investment management. Changing business practices, modifying people's core competencies, and implementing market-driven investment strategies were all part of the successful merger and integration. Wasl is now one of Dubai's largest real estate management companies. Wasl operates in a variety of industries through its large portfolio of real estate assets, which it manages on behalf of DREC and others. Residential and commercial properties, industrial plots of land, leisure and entertainment, hotels and serviced apartments are all included in this category.