Deyaar seals Amaf property management contract

Deyaar will be submitting a monthly statement to Amaf outlining the income and expenses for each property

  
Image used for illustrative purpose. Visitors walk past the stand belonging to real estate developer Deyaar during the Cityscape real estate exhibition in Dubai October 2, 2012.

Image used for illustrative purpose. Visitors walk past the stand belonging to real estate developer Deyaar during the Cityscape real estate exhibition in Dubai October 2, 2012.

REUTERS/Ahmed Jadallah

Deyaar Development, one of Dubai’s leading property developers and real estate service providers, has signed a property management contract with Awqaf and Minors Affairs Foundation (Amaf).

The agreement mandates Deyaar to manage Amaf’s portfolio of endowment properties in line with the current Dubai and UAE laws and regulations, in particular Law No. 26 of 2007 regulating the relationship between landlords and tenants in Dubai, as amended by Law No. 33 of 2008 (‘Landlord and Tenant Law’), and the regulations of the Real Estate Regulatory Agency (Rera), said a statement from the company

As per the deal, Deyaar is also the beneficiary on behalf of Amaf for all entitlements from the tenants, including rent and any fines, insurance or other fees related to the leased property as per the applicable laws and regulations.

The Dubai developer Deyaar will be submitting a monthly statement to AMAF outlining the income and expenses for each property, in addition to occupancy rates and the number of vacant units ad.

On the contract, Ali Al Mutawa, the secretary general of Amaf, said: "We are committed to providing best-in-class services and optimising the management of its resources to step up its ability to attract endowers and promote the culture of endowment in the country."

"In addition, collaborations such as this enable us to grow our capacity to care for our minors and meet all their needs. We will continue to build synergies with public and private entities that help us achieve our mission of supporting diverse segments of society and contributing to the National Agenda of the UAE Vision 2021," he noted.

Al Suwaidi said: "The Amaf conducts vital work for the benefit of our society, and it is our pleasure to partner with them to offer Deyaar’s services in the field of property management. Together, we aim to bring additional value to the Foundation’s projects through our portfolio of specialised services."

"This partnership marks our ambition to work more closely with government institutions in line with the goals of UAE Vision 2021, to play our part in creating a sustainable urban environment," he added.-TradeArabia News Service

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