The bank is the UAE’s first to partner with DLD’s RERA, following the issuance of a new real estate law governing jointly owned properties
Dubai, Sunday, 19 January 2020: Emirates NBD, a leading banking group in the region, has signed an agreement with Dubai Land Department’s (DLD’s) Real Estate Regulatory Agency (RERA), to become an escrow agent to provide banking services for jointly owned properties accounts in accordance with the recently issued law no. (6) of 2019 for jointly managed properties.
Emirates NBD is the first bank in the UAE to partner with RERA following the issuance of the new law in September 2019, and the partnership aims to boost competitiveness and enhance investment in the real estate sector. The new law applies to all major real estate development projects and jointly owned properties in Dubai, and covers the management of common areas and amenities. Following the introduction of the legislation, several groups of stakeholders, such as developers, community management companies, hotel operators, insurers, investors, and owners, are advised to take steps to ensure their operations are compliant with relevant regulations.
Under the agreement, Emirates NBD will act as a trustee for the account and provide banking services with the aim to safeguard owners’ interests and ensure compliance with real estate procedures and regulations. The agreement follows a successful pilot run, conducted by Emirates NBD, on setting up and managing the jointly owned properties accounts.
HE Eng. Marwan Bin Ghalita, CEO of RERA, said: “We are pleased to partner with Emirates NBD to consolidate Dubai’s position as the world’s premier real estate investment destination based on innovation, trust, and happiness. Through this agreement, DLD will create a register for jointly owned properties featuring all information related to the land owned by developers and real estate units meant for independent ownership. RERA and Emirates NBD will work closely to ensure that the Emirate remains a leading real estate destination where the rights and interests of investors are safeguarded and protected.”
Commenting on the announcement, Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD said: “Emirates NBD has consistently played an active role in supporting the growth and development of the UAE real estate sector. We have an established track record of offering escrow account trustee services for Dubai-based real estate projects for several years. Emirates NBD has closely and extensively worked with DLD and RERA on various initiatives, and today’s MoU builds on our existing strong relationship. It reaffirms Emirates NBD’s standing as a preferred partner and service provider for public and private entities in the UAE.”
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Bank in the MENAT region. As at 30th September 2019, total assets were AED 675.6 Billion, (equivalent to approx. USD 184 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands. The Bank was declared the ‘Most Innovative Financial Institution in the Middle East’ by Global Finance at the 2019 Innovators Awards.
The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20. A digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Digital Bank in the Middle East’ at the Euro money Awards for Excellence in 2019, affirming the Bank’s status as a digital banking leader among its regional peers.
The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in China and Indonesia with a total of 980 branches and 3964 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #Together Limitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com