Dubai Land Department (DLD) said it has signed an agreement with leading UAE financial institution Mashreq Bank to boost the transaction services of the Tarweej real estate promotion initiative.

Under the new agreement, Mashreq Bank will provide banking services for real estate transactions made both inside and outside the country.

In addition to this, the bank will receive priority as a partner in real estate promotion and will provide customers and investors with consultation and information, said the statement from DLD.

"We have reached this agreement with Mashreq Bank based on our mutual interest to support and strengthen our co-operation," remarked Sultan Butti bin Mejren, the director general of DLD, after signing the deal with Abdul Aziz Al Ghurair, CEO of Mashreq Bank.

The agreement aims to enhance confidence in Dubai's real estate sector by providing a unique investment environment, Bin Mejren noted.

It will also support the promotion of the emirate’s real estate sector and projects through exhibitions, and international and regional conferences and events, as well as support developers. This will save investors’ time, effort and money while enhancing their long-term experience, he stated.

Mashreq Bank is delighted to be DLD’s banking partner and support the promotion of Dubai’s real estate in the domestic and international markets, remarked Al Ghurair.

Dubai remains a popular destination among the expats and international investors, particularly as the country draws nearer to Expo 2020, which has made the UAE a top choice for real estate investment, he noted.

"This is largely driven by our leaders' unique vision, innovative property designs and the many exclusive developments currently underway. By expanding our services, we are strengthening our position as the UAE’s leading bank," added Al Ghurair.-TradeArabia News Service