Dubai Land Department and Emirates NBD have collaborated to automate and digitize all rental payments in Dubai in line with the efforts of The Dubai Paperless Strategy.
Instead of issuing cheques, tenants and real-estate owners will now be making direct deposits using their bank accounts and credit cards using the Central Bank of the UAE’s Direct Debit System (UAEDDS).
“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.” said His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department.
This strategic relationship will also allow investors from overseas to easily open non-resident savings accounts in Emirates NBD, further allowing them to make real-estate purchases and facilitate their rent collection process.
“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,” Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD commented on this new partnership.
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