Dubai residents may no longer need to issue post-dated checks for their rents in the emirate soon, with a fresh push for digitization and automation for the rental payment process.
To help the rental market, rental cheque payments will soon be automated and digitized, with rent collection enabled through the Central Bank of the UAE’s Direct Debit System UAEDDS. This agreement, which is aligned with the Dubai Government’s aim for paperless payment ecosystems as well as the Dubai 10X program, would assist landlords and property management firms by removing the administrative operations necessary to manually manage post-dated cheques.
It would also provide renters with a smooth digital alternative for making rental payments using their bank account rather than sending cheques as is currently done. This will also enable them to take advantage of flexible payment options from their landlords or property management firms.
His Excellency Sultan Butti bin Mejren, Director General of DLD said: “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 Managing Director of Emirates NBD, said, “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. As a leading bank in the UAE, 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.”
Individual investors from other countries who want to buy property in Dubai can create non-resident savings accounts with Emirates NBD, which will allow them manage their property and rent collection more easily. A specialized relationship management staff will assist international investors with the account opening process.
