Dubai Land Department has partnered with Emirates NBD, a leading banking group in the Menat (Middle East, North Africa and Turkey) region, on landmark initiatives aimed at boosting and strengthening the UAE’s real estate proposition.
To support the rental market, rental cheque payments will soon be automated and digitised through enabling of rent collection using the Central Bank of the UAE’s Direct Debit System (UAEDDS). Aligned with the Dubai Government’s vision for paperless payment ecosystems as well as with the Dubai 10X initiative, this collaboration will benefit landlords and property management companies by eliminating the administrative activities required to manage post-dated cheques manually.
It will also offer a seamless digital alternative to tenants for making rental payments using their bank account as well instead of issuing cheques as per current practice. This will further allow them to avail of flexible payment plans from their landlords or property management companies.
Non-resident savings accounts
Individual investors from overseas looking to purchase property in Dubai can also seamlessly open non-resident savings accounts with Emirates NBD, which will help in facilitating their purchase and managing their property and rent collection conveniently. The overseas investors will be supported by a dedicated relationship management team to help with a smooth account opening journey.
Sultan Butti bin Mejren, Director General of DLD said: “The real estate industry in the UAE is one of the best and most competitive in the world, and as part of our mission to present a regulatory environment in service of tenants and property owners, we have partnered with Emirates NBD in line with our efforts to fully digitalise our services as per the Dubai Paperless Strategy. Such collaborations will help facilitate and streamline the processes involved in the property market by employing progressive machinations on the path towards replacing the legacy systems in place.”
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: “These strategic initiatives will help in providing landlords and tenants with an easier, automated rent collection and management system as well as facilitate property purchases by new non-resident investors. As a leading bank in the UAE, Emirates NBD remains committed to supporting initiatives that will support the UAE’s long-term and strategic goals and in further strengthening Dubai’s standing as the investment destination of choice for international property investors.”
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