Dubai, UAE, 9 July 2019: Dubai Land Department (DLD), represented by its regulatory arm Real Estate Regulatory Agency (RERA) — the regulatory entity for the owners' associations (OA) — signed a memorandum of understanding (MoU) with United Bank Limited (UBL) - UAE to manage and service OA accounts.
HE Sultan Butti bin Mejren, Director General of DLD, said: “Freehold areas in Dubai are a key focus of real estate investment as they attract investors from around the world and provide advanced service structures and facilities. We are working to strengthen the image of these regions, not only through regulations and legislation that ensure the ease and speed of regulatory and investment procedures but also through partnerships with the private sector to support OA operations and assist them in providing the best possible services in accessible and transparent ways. This helps us ensure that all owners, investors, and residents of freehold projects are happy and satisfied.”
Under this agreement, RERA agrees to authorise UBL to provide certain services, such as opening bank accounts for OAs in accordance with the provisions of the law and other additional services. The MoU was signed by HE Marwan bin Ghalita, CEO of RERA, and Syed Asghar Hussain, Head of Operations at UBL.
Bin Ghalita commented: “At RERA, we spare no efforts to facilitate the work of OAs, and help them provide the best possible services to all residents of freehold areas. The purpose of this agreement is to provide more banking options to OAs and ensure they are treated in fair and transparent ways that guarantee the rights of all parties. Given the broad base of UBL's clients and its long-term business in the country, it will be able to provide its advanced banking services to OAs in an optimal manner.”
Rizwan Hameed Chapra, General Manager of UBL, thanked RERA and its CEO as well as the entire team for the opportunity provided to UBL. He assured RERA of UBL's full commitment to providing the best services to all the OAs that will be established through this initiative.
RERA is one of the authorities responsible for implementing Law No. 27 of 2007 regarding co-owned properties in Dubai concerning OAs. RERA issued regulations relating to OAs, including regulations regarding general organisation, the Key law for OAs, and decisions concerning co-owned properties.