Wednesday 22 January 2020

DLD signs deal with Al Masraf to manage OA accounts

DUBAI, July 14, 2019

Dubai Land Department, represented by its regulatory arm, Real Estate Regulatory Agency (Rera), has signed an agreement with Arab Bank for Investment and Foreign Trade (Al Masraf) to manage and service the Owners Association (OA) accounts.
The MoU was signed by Rera CEO Marwan Bin Ghalita and Hussein Ohida, assistant general manager – corporate support services.
"The Rera seeks to attract as many potential private sector partners as possible to help them implement their strategies to regulate Dubai’s real estate sector and support all parties in their respective roles," stated Bin Ghalita. 
"The new MoU with Al Masraf will provide OA accounts more options and access to banking services provided by leading banks operating in the country," he noted.
The MoU was signed by Rera, as it 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 those regarding the general organisation, the key law for OAs, and decisions concerning co-owned properties.
"We are delighted to introduce this service to our clients and the existing escrow services to developers. By signing this agreement with the DLD, we can extend our escrow account services for property OAs through the Mollak system," remarked Ohida. 
This partnership with the DLD is another milestone for Al Masraf on its journey to launching more value-added transaction banking services in the region," he added.
Since Al Masraf is licensed in the UAE to provide banking services to individuals and companies, it has been approved and registered under this MoU by the Rera as an account trustee, in accordance with Law No. 27 of 2007. 
The real estate watchdog has also authorised Al Masraf to provide certain services, such as opening bank accounts for associations, among additional services provided in the terms of the agreement.-TradeArabia News Service


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