UAE – Dubai Land Department’s (DLD) Real Estate Regulatory Agency (RERA), the regulatory entity for the owners’ associations (OA), has signed a memorandum of understanding (MoU) with United Bank Limited (UBL) – UAE to manage and service OA accounts.
Under the agreement, RERA will authorise UBL to offer certain services, including opening bank accounts, in accordance with the provisions of the law, according to a statement released on Tuesday.
“At RERA, we spare no efforts to facilitate the work of OAs, and help them provide the best possible services to all residents of freehold areas,” CEO of RERA Marwan bin Ghalita commented.
This agreement is aimed at providing OAs with more banking options and ensuring fair treatment and transparency for all parties, bin Ghalita noted.
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