Thanks to a new partnership between Dubai Land Department and Emirates NBD, rental check payments will soon be automated and digitized via the UAE Central Bank’s Direct Debit System (UAEDDS). Renters can pay through their bank accounts instead of sending checks.
Renters and landlords will benefit from this practice since they can arrange post-dated checks online rather than manually. The new project aligns with the Dubai Government’s objective for paperless payment ecosystems and the Dubai 10X program.
Individuals from other countries who want to buy property in Dubai can create nonresident savings accounts with Emirates NBD and handle their purchases and rent collection via them.
“As one of the world’s best and most competitive real estate markets, the UAE is among the best,” said His Excellency Sultan Butti bin Mejren. “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 cooperation will aid in facilitating and streamlining property market procedures by utilizing progressive tactics on the route to replacing older systems in existence.”
“This partnership will simplify and automate property management and guide new nonresident investors in the purchasing of properties,” said Emirates NBD Vice Chairman and Managing Director Hesham Abdulla Al Qassim.
Source: Khaleej Times
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