Rental payments through direct bank or card debits is ‘just gaining traction’, says Ahmed Al Suwaidi of DHAM

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UAE
  • Date: 04-Aug-2022
  • Source: Gulf News
  • Sector: Real Estate
  • Country: UAE
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Rental payments through direct bank or card debits is ‘just gaining traction’, says Ahmed Al Suwaidi of DHAM

Dubai: A majority of tenants in the UAE still rely on handing out cheques to their landlords as part of their lease agreements. That decades old practice is coming to an end, as the UAE Central Bank pushes for direct debits as the de facto practice. But the biggest landlords in the country have already moved beyond cheques, provided the tenant is agreeable to chucking the cheque as the transaction mode. And there are few bigger than Dubai Holding Asset Management when it comes to being a landlord. Ahmed Al Suwaidi, Managing Director of Residential Communities at DHAM, runs through a checklist of what’s been achieved – and what can be done further – in the transition from a cheque to just taking it out of the bank account. Over the past two years, our portfolio has welcomed a diverse tenant base - from families with children and couples to young professionals and corporate clients. Part of why we launched the DubaiAM Life digital platform and app was to help us better communicate and connect with residents. The uptake of direct debit payments is growing steadily across our communities, demonstrating that people are increasingly realising the associated benefits and convenience