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The Dubai Land Department has partnered with UAE NBD, the leading banking group in the Meinat (MENA and Turkey) region, on a landmark initiative aimed at boosting and strengthening the real estate business in the UAE.
To support the rental market, rent cheque payments will soon be automated and digitized by enabling rent collection using the UAE Central Bank’s Direct Debit System (UAEDDS). In line with the Dubai government’s vision for a paperless payments ecosystem and Dubai’s 10X initiative, the partnership will benefit landlords and property management companies by eliminating the administrative activities required to manually manage post-dated cheques.
It will also provide tenants with a seamless digital alternative to paying rent using their bank accounts instead of issuing checks as is currently practiced. This will further enable them to take advantage of flexible payment plans from landlords or property management companies.
non-resident savings account
Overseas individual investors looking to buy property in Dubai can also seamlessly open a non-resident savings account through Emirates NBD, which will help them easily buy and manage their properties and collect rent. Overseas investors will be supported by a dedicated customer relationship management team to help them open accounts smoothly.
Sultan Butti bin Mejren, Director General of DLD, said: “The UAE’s real estate sector is one of the best and most competitive in the world and as part of our mission to provide a regulated environment for tenants and landlords, we have partnered with Emirates NBD. , striving to fully digitize our services in line with Dubai’s paperless strategy. This collaboration will help facilitate and simplify the processes involved in the real estate market, by adopting progressive mechanisms on the way to replacing the old system.”
Hesham Abdulla Al Qassim, Deputy Chairman and Managing Director, Emirates NBD, said: “These strategic moves will help provide landlords and tenants with a simpler, automated system for rent collection and management, and facilitate new non-resident investors buying properties. As the UAE’s leading bank, Emirates NBD remains committed to supporting initiatives that will support the UAE’s long-term and strategic goals and further strengthen Dubai’s position as a preferred investment destination for international real estate investors.”- arab trade news agency
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