Rental payments will soon be processed electronically through the Central Bank of the UAE’s Direct Debit System as part of a new agreement between the Dubai Land Department and Emirates NBD. In place of postdated checks, tenants will soon be able to pay their rent using internet banking.
By removing the administrative tasks needed to manually manage post-dated checks, this partnership will assist landlords and property management firms and is in line with the Dubai government’s objective for paperless payment ecosystems and the Dubai 10X project.
Additionally, it will give tenants a simple digital substitute for writing checks as is currently done, allowing them to use their bank accounts to pay their rent. Also, this will let them use the flexible payment plans that their landlords or property management companies offer.
Individuals from other countries who want to invest in real estate in Dubai may easily create non-resident savings accounts with Emirates NBD, which will make it easier for them to make their purchase and manage their real estate and rent collection. A committed relationship management staff will assist the international investors in opening accounts smoothly.
Sultan Butti bin Mejren, director general of DLD, stated: “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 MD of Emirates NBD, added, “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. 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.”