Developing a Strategic Asset Management Tool: A Multiple Case Study of Real Estate Asset Management Organizations in Dubai

As one of the most prominent Emirates in the United Arab Emirates, Dubai has steadily attracted investors and tourism globally, with the development of real estate assets to support diversification from its primary economic source, oil and gas. The study focuses on Strategic Asset Management (SAM) practices within real estate organizations in Dubai. The literature reviewed the history of SAM, followed by a review of current global best practices in SAM. Academic literature around SAM and its respective components was reviewed under the literature chapter to ensure an understanding from an academic research perspective as well as practice. The research utilizes qualitative research as the chosen methodology. A multiple case study method was used to explore SAM across thirty-three case organizations in Dubai, with one participant selected from each case organization. Semi-structured interviews were used to obtain primary data, which was analyzed using the NVivo ® software suite. The research findings identify themes that play crucial roles in SAM practices in Dubai. The study emphasizes the significance of integrating SAM practices at the core of organizations to realize the full value of their assets and foster a culture that prioritizes asset management. The research findings fill several gaps identified in the existing literature review by providing a more nuanced understanding of SAM practices in Dubai. The research reveals some key findings, including how governing standards play a crucial role in the success of SAM, the significance of SAM expertise within organizations, the importance of integrating SAM practices at the core of organizations, the critical role of the public sector in driving SAM excellence, and the influence of technology in future-proofing SAM practice. The study proposes a SAM tool that can be an effective resource for SAM practitioners, public sector policymakers, academic researchers, and other industry stakeholders. The proposed SAM tool captures the interconnected nature of the SAM pillars established as part of the research to ensure a holistic approach to SAM. The research contributes to SAM theory by emphasizing the need for customization, demonstrating that a tailored approach leads to improved asset performance and alignment with organizational goals. Theoretical contribution further highlights the dual nature of alignment, addressing both external factors such as regulations, industry trends, and client requirements, as well as internal factors such as SAM capabilities, collaboration among stakeholders, innovation, and technology. The research extends its contribution to SAM practice through the proposed framework, which can serve as a practical tool for asset management professionals to improve their strategies and operations. The research contributes to practical knowledge by providing insights for practicing professionals, further highlighting how real estate organizations in Dubai can benefit from effective SAM.