Dubai Land Department has signed a deal with Emirates NBD which paves the way for rent payments to be made by direct debit.
Rental cheque payments will soon be automated and digitised using the Central Bank of the UAE’s Direct Debit System (UAEDDS).
In line with Dubai government's vision of paperless payment systems and the Dubai 10X initiative, the collaboration is set to offer tenants further flexibility with regard to payment plans and will lower administration for landlords and property management companies.
Individual investors from overseas looking to purchase property in Dubai will also be able to easily open non-resident savings accounts with Emirates NBD, which will aid the buying process, as well as, help manage their property and rent collection.
Sultan Butti bin Mejren, Director General of DLD, said the partnership is part of their "mission to present a regulatory environment in service of tenants and property owners...in line with our efforts to fully digitalise our services".
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said the initiative "will help in providing landlords and tenants with an easier, automated rent collection and management system".
Dubai @Land_Department announces strategic collaboration with @EmiratesNBD_AE to boost UAE real estatehttps://t.co/nouMLOq82r pic.twitter.com/hIXMbcCzhh— Dubai Media Office (@DXBMediaOffice) July 4, 2022