08 January 2019
· The MoU focusses on banking solutions for transaction services of the 'Tarweej' real estate promotion initiative
Dubai, United Arab Emirates, 8 January 2019: Dubai Land Department (DLD) recently signed a banking solutions memorandum of understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) for the transaction services of the 'Tarweej' real estate promotion initiative. The agreement was signed by HE Sultan Butti bin Mejren, Director General of DLD; Philip King, Global Head of retail banking at ADIB; and Tariq Abdullah Ahmad, Head of Home Finance at ADIB, in the presence of Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD.
HE Sultan Butti bin Mejren, Director General of DLD, stressed that DLD continually looks for the best partners in the UAE to provide optimal solutions in all fields including that of banking solutions, commenting: "ADIB is one of the most prestigious financial institutions in the UAE. It has a strong customer base and the ability to provide advanced solutions, which comply with the Islamic Sharia, that are sought by a growing number of real estate customers inside and outside the UAE. The MoU will promote Dubai's real estate and attract a wide range of customers who will have their needs catered to by ADIB's ideal solutions."
Bin Mejren affirmed: "This initiative reflects both parties' eagerness to actively support and enhance their cooperation as well as develop existing relationships and joint activities, especially as the MoU aims to establish confidence in the real estate sector by providing a unique and balanced investment environment. It also aims to organise exhibitions and participate in international and regional conferences and exhibitions under DLD's umbrella to save time, effort, and money. Under the MoU, ADIB is prepared to provide banking solutions for the transaction services of the 'Tarweej' real estate promotion initiative."
Bin Mejren concluded: "The MoU reflects an important aspect of our endeavours, especially those related to providing a world-class environment that attracts investment while supporting the strategic directives of the Government of Dubai to encourage real estate investment. We will spare no efforts in creating an ideal environment for real estate investors, increasing our contribution to Dubai's real estate sector and the overall development of the Emirate."
Philip King, Global Head of retail banking at ADIB; said: "ADIB's MoU with DLD supports the development of a strong and stable investment environment that can allow Dubai's real estate sector to grow and thrive. As a bank, we continue to play a key role in positioning the UAE as a hub for local and international property investors by offering the financing of up to half of a property's value. We are excited to foster a long-term relationship with the Government of Dubai and, through our participation in the 'Tarweej' initiative, facilitate the flow of global capital into the Emirate's real estate industry."
The Real Estate Promotion and Investment Management Sector at DLD promotes investment opportunities through the 'Tarweej' initiative that was launched by DLD to promote Dubai's real estate market and its projects under the DLD umbrella by establishing a community of real estate developers inside and outside Dubai.