Dubai Land Department (DLD) along with Emirates NBD have partnered to replace rental cheque payments and have it done digitally.
Through the Central Bank of the UAE’s Direct Debit System (UAEDDS), rental payments will be done online rather than with post-dated cheques.
The partnership will help landlords and property management companies as it reduces the administrative activities required to manage post-dated cheques as well as will allow flexible payment plans.
Overseas investors will also benefit from the initiative as they can manage their property and rent collection with ease.
His Excellency Sultan Butti bin Mejren, Director General 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 in service of tenants and property owners, we have partnered with Emirates NBD in line with our efforts to fully digitalise our services as per the Dubai Paperless Strategy. Such collaborations will help facilitate and streamline the processes involved in the property market by employing progressive machinations on the path towards replacing the legacy systems in place.”