Rent collection via the Central Bank of the UAE's Direct Debit System (UAEDDS) will soon be enabled, thereby automating, and digitising the traditional rental cheque payments system to help the rental market. By removing the administrative tasks needed to manually manage post-dated checks, this partnership between Emirates NBD and the Dubai Land Department (DLD) will not only benefit landlords and property management firms but is also in line with the Dubai Government's vision for paperless payment ecosystems and the Dubai 10X initiative. Apart from offering a quick and hassle-free digital alternative, tenants will also be able to avail of flexible payment plans from the landlord or property management companies.
Foreigners who seek to invest in real estate in Dubai can now easily open non-resident savings accounts with Emirates NBD, which will make it easier for them to make their purchases and manage their real estate and rent collection.
H.E. 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.”
The partnership between the DLD and Emirates NBD is in line with the Dubai government's goal to digitise services and promote a cashless economy.
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