Dubai: Soon, pay your rent by direct debit instead of checks – News
Tenants will be able to benefit from flexible payment plans from landlords
As part of a new partnership between the Dubai Land Department and Emirates NBD, rental check payments will soon be automated and digitized using the UAE Central Bank Direct Debit System (UAEDDS). This means tenants can make payments through their bank accounts instead of issuing checks.
This practice will benefit both landlords and property management companies – who will no longer have to manually manage post-dated checks – as well as tenants, who will be able to benefit from flexible payment plans.
The new initiative is aligned with the Government of Dubai’s vision for paperless payment ecosystems as well as the Dubai 10X initiative.
Foreign individual investors wishing to purchase property in Dubai can also open non-resident savings accounts with Emirates NBD and manage purchases and rent collection through them.
His Excellency Sultan Butti bin Mejren, Managing Director 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 to serve tenants and property. owners, we have partnered with Emirates NBD in line with our efforts to fully digitize our services in line with Dubai’s paperless strategy. Such collaborations will help facilitate and streamline the processes involved in the real estate market by employing incremental machinations on the way to replacing the legacy systems in place.
Hesham Abdulla Al Qassim, Vice President and Managing Director of Emirates NBD, said: “Emirates NBD is delighted to partner with the Dubai Land Department on these strategic initiatives which will help provide landlords and tenants with a collection system and simpler and automated rental management, as well as facilitating real estate purchases by new non-resident investors.
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