DLD, UBL To Manage And Service OA Accounts
Faizan Hashmi Published July 09, 2019 | 06:30 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 09th Jul, 2019) 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.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago