Digital Rent Collection Appeared in Dubai Due to the Partnership of the DLD and Emirates NBD

Rental payments in Dubai are now becoming a digital process. Tenants will be able to make direct rental payments via their bank accounts instead of losing time on issuing multiple cheques. This will all be made possible thanks to the collaboration between the Dubai Land Department (DLD) and Emirates NBD, which is one of the top banks in the UAE.

At the moment, landlords and property management companies need to manage post-dated cheques manually, but thanks to the new initiative, they will also reap the benefits, as this process will be eased. This important step is connected with the Dubai Paperless Strategy and the Dubai 10X initiative, launched in 2017 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, whose aim is to put Dubai 10 years ahead of leading global cities, as well as to create safe and sustainable operating models.

Sultan Butti bin Mejren, Director General of the DLD, stated that the part of the mission is to create a regulatory convenient environment for tenants and owners, and the DLD has partnered with Emirates NBD in order to digitalise its services due to the Dubai Paperless Strategy. In his opinion, such collaborations will facilitate and streamline the process of the property market by replacing the traditional systems with progressive machinations.

Any foreign investors interested in purchasing a property in Dubai will have the opportunity to obtain a non-resident deposit account in Emirates NBD. This will help them to facilitate the process of buying property, as well as easily managing rent collection.

The number of foreigners wishing to invest into Dubai’s real estate sector is growing due to the warm climate, its job opportunities, the reformed visa rules, and the opportunity of 100% foreign ownership of companies, as well as a wide range of luxurious real estate projects which is supposed to grow this year.