Majid Al Futtaim and Aldar aim to become first developers in UAE to digitalise real estate sales transactions

MOU signed between both entities on innovation, customer experience, digital transformation and sustainable practices in the real estate sector

  
Majid Al Futtaim and Aldar aim to become first developers in UAEnbsp;to digitalise real estate sales transactions

Dubai, UAE : Following the issuance of UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services (“E-Law”), Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, and Aldar Properties are working together to create and implement digital real estate sales platforms for their businesses. Allowing for convenient digital real estate sale transactions, the developers are aiming to be the first to implement such online sales systems in the UAE, with the platforms set to be launched when the E-Law comes into effect in Q1 2022.

The new E-Law allows for real estate transactions to be included within its scope of application. The digitalisation of the real estate transactions will make property purchases, sales and management a simple, quick and convenient process for both UAE and overseas customers. The E-Law regulates and allows electronic transactions to be conducted with confidence by recognising that a verified electronic signature has the same legal validity as a physical signature.

The move to electronic real estate transactions not only significantly reduces the time required to complete transactions, but it also enhances the customer experience and is more environmentally friendly due to the reduction in paper usage. Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world. 

The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a Memorandum of Understanding (MOU) that will see both parties work together to enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector. Supporting the UAE’s drive to increase the contribution of the Fourth Industrial Revolution to the national economy, the MOU aims to encourage further knowledge sharing and collaborative innovation in the real estate sector.

“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer. As the first real estate organisations in the UAE to adopt this online system, Majid Al Futtaim welcomes this collaboration with Aldar and aims to work together to create a more innovative industry. Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.” said Hawazen Esber, Chief Executive Officer, Majid Al Futtaim Communities.

Jonathan Emery, Chief Executive Officer at Aldar Development commented: “The new E-law is a significant development for the UAE’s real estate sector. It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market. Together with Majid Al Futtaim – Communities, we hope to encourage further collaboration within the industry to ensure that the UAE’s real estate market is at the forefront of innovation, digital transformation and sustainability.”

The introduction of new visa reforms, the ease of business ownership, as well as the economic impact of Expo 2020 Dubai has strengthened the UAE’s position as a hub to live and work and created a perfect opportunity for real estate owners and investors who are on the lookout for a strong property market. The new system increases operational efficiencies, which results both in cost reduction and a more seamless experience, creating a simplified platform for both investors and customers. Driving environmentally-friendly business practices Majid Al Futtaim Communities and Aldar Properties remain at the forefront of the UAE’s efforts to create a more digital future, supporting further efficiencies in the real estate transaction management processes.

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About Majid Al Futtaim 

Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.

A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 17 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.

Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood centres, and five community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in over 30 markets across the Middle East, Africa and Asia, operating a portfolio of more than 375 outlets including City+, the region’s first checkout-free store, and an online store.

Majid Al Futtaim operates more than 500 VOX Cinemas screens as well as a portfolio of world-class leisure and entertainment experiences across the region including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai. The Company is parent to a Fashion, Home and Specialty retail business representing international brands such as Abercrombie & Fitch, Hollister, AllSaints, lululemon athletica, Crate & Barrel, Maisons du Monde, LEGO and THAT, a Majid Al Futtaim fashion concept store and app. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management.

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About Aldar

Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.

Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.

Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.

Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.

For more information on Aldar please visit www.aldar.com    

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