- Non-resident savings account to support international investors looking to purchase property in Dubai
Dubai: 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.
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.
His Excellency 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, “Emirates NBD is delighted to partner with Dubai Land Department on these strategic initiatives that 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.”
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 14 million customers. As at 31st March 2022, total assets were AED 694 billion, (equivalent to approx. USD 189 billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 901 branches and 4,060 ATMs / SDMs.
Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.
The Group is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group also operates E20., a digital business bank for entrepreneurs and SMEs and Liv., the lifestyle digital bank for millennials. Emirates NBD is an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial literacy and the inclusion of people with disabilities. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.