Dubai Land Department announces strategic collaboration with Emirates NBD to boost UAE real estate

Dubai Land Department announces strategic collaboration with Emirates NBD to boost UAE real estate

- Non-resident savings account to support international investors looking to purchase property in Dubai

Dubai: Dubai Land Department has partnered with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, on landmark initiatives aimed at boosting and strengthening the UAE’s real estate proposition.

To support the rental market, rental cheque payments will soon be automated and digitised through enabling of rent collection using the Central Bank of the UAE’s Direct Debit System (UAEDDS). Aligned with the Dubai Government’s vision for paperless payment ecosystems as well as with the Dubai 10X initiative, this collaboration will benefit landlords and property management companies by eliminating the administrative activities required to manage post-dated cheques manually. It will also offer a seamless digital alternative to tenants for making rental payments using their bank account as well instead of issuing cheques as per current practice. This will further allow them to avail of flexible payment plans from their landlords or property management companies.

Individual investors from overseas looking to purchase property in Dubai can also seamlessly open non-resident savings accounts with Emirates NBD, which will help in facilitating their purchase and managing their property and rent collection conveniently. The overseas investors will