Dubai, Dubai Land Department, DLD, represented by its regulatory arm Real Estate Regulatory Agency, RERA, has signed a Memorandum of Understanding, MoU, with United Bank Limited, UBL UAE, to manage and service owners’ associations, OA, accounts.
Marwan bin Ghalita, CEO of RERA, and Syed Asghar Hussain, Head of Operations at UBL, signed the MoU, through which 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.
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.”
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.”
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.