Dubai, UAE, 04 July 2019: Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with Tanami Properties (TP) through which DLD will support the Manzili initiative launched by TP. The MoU aims to strengthen the strategic partnership between the public and private sectors, achieving public interest to develop Dubai's real estate market.
HE Sultan Butti bin Mejren, Director General of DLD, said: “This relationship is in line with our institutional goals to provide a systematic approach to register lands and properties, protect customer rights, and ensure all legal aspects related to land sales and purchases. We hope that our partnership and cooperation with the private sector will help us create an attractive global investment environment, achieve the government's strategic objectives for the real estate sector, encourage investment in it by creating the right climate for real estate investors, and enhance the contribution of the real estate sector to the overall development of the Emirate.”
Under the MoU, the two parties agreed on the importance of encouraging real estate investment. DLD showed a willingness to sponsor the Manzili initiative to provide real estate opportunities for multinational people working in the UAE, enabling them to purchase suitable homes to match their needs. This initiative is based on the fact that everyone can buy the right home, enter into a payment plan to buy a home, or begin saving to buy a house.
Samer Ali Nasser AlNaqbi, CEO of TP, commented: “In its efforts to encourage real estate investments and to add further transparency to Dubai's market, TP and DLD signed the Manzili initiative, a contribution from DLD and TP during the Year of Tolerance that aims to bring prominent players in the real estate sector to create valuable opportunities for owning a house in Dubai.
These opportunities will be available to UAE residents working in both the public and private sectors, regardless of their nationalities, religions, or ethnicities. The initiative is based on the fact that everyone, regardless of financial status, has a start point from which they can kick-off a successful journey toward owning a dream home or real estate investment in Dubai. To achieve that, leading real estate companies will provide special offers with flexible payment plans and supported by a saving scheme under this initiative. TP will facilitate this process and act as a real estate investment consultant under this initiative.”
Under the terms of the MoU, DLD will exclusively grant TP the title of Real Estate Investment Advisor for a full year, and TP will hold workshops on the initiative in the headquarters of institutions and companies operating in the UAE as well as open registration centres in the initiative. TP will also coordinate with savings service providers, such as National Bonds, to provide appropriate savings programmes as well as develop a real estate investment calculator that provides real estate offers suitable for each individual, according to their preference and material capabilities.
TP will also offer suggestions to launch the initiatives and policies necessary to achieve DLD's objectives, specifically real estate promotion and investment in Dubai and specialised real estate consultancy for real estate developers, brokers, investors, and others. Under the MoU, real estate seminars, workshops, and conferences will be organised to discuss issues related to the real estate market and propose appropriate solutions. The MoU also contributes to enhancing the exchange of knowledge, experience and
institutional experience at all levels, and joint work to improve the performance of operations, simplify procedures, and develop customer services. The parties will seek to facilitate real estate transactions procedures, increase transparency, simplify procedures, and reduce costs for DLD's employees to make Dubai the first globally in the ease and speed of completing real estate transactions.