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Real Estate Relations Regulatory Department at DLD honoured by ADCB
07/10/2019
Real Estate Relations Regulatory Department at DLD honoured by ADCB

Dubai, UAE, 07 October 2019: Dubai Land Department (DLD) is proud to possess strong cooperative relationships with several local partners, primarily banks in the UAE — including Abu Dhabi Commercial Bank (ADCB) — to support its directives and initiatives in its real estate registration and regulation processes, such as the Mollak system.

On 18 September 2019, DLD, represented, by the Real Estate Regulatory Agency (RERA), celebrated the opening at ADCB of more than 550 accounts for jointly owned property owners in Dubai, in accordance with the recently announced regulations in the Emirate. These accounts aim to regulate residential and commercial properties and ensure that service fees paid by landlords are spent on project maintenance.

During the event, HE Marwan bin Ghalita, CEO of RERA, and his team met with Colin Fraser, Head Whole Sale Banking Group at ADCB and his team, during which they discussed the unique relationship between the two parties over the past ten years and their cooperation in many initiatives that aim to support the real estate sector.

ADCB honoured the employees of the Real Estate Relations Regulatory Department at RERA, who in turn honoured ADCB’s employees in recognition of their joint success in opening more than 550 financial accounts of joint ownership properties for escrow account service fees. These joint efforts are expected to contribute to the development of the real estate sector for joint ownership by developing new real estate solutions that ensure the preservation of rights and transparency as well as facilitate procedures for external customers.

Bin Ghalita said: “The Mollak system continues to achieve tangible success in the jointly owned property sector, especially as this new global-first electronic system includes new innovations that ensure fairness and transparency. The system also helps co-owners deal with companies that manage this type of project to easily manage their properties. Thanks to our partnerships with leading banks in the Emirate, Mollak provides a new and integrated system to control accounts related to service fees in these projects, based on financial accounts operating under the escrow account mechanism.”

The Mollak system operates through a group of users involved in the management of jointly owned properties, real estate unit owners, and real estate units registered and approved by DLD, where users cannot change any of the data. At the time of launch, the system attracted seven banks as account trustees for jointly owned properties, most notably ADCB.

Fraser praised RERA’s efforts in regulating the real estate sector and ensuring its transparency, thanking RERA  for honouring ADCB and the team who work on opening accounts for jointly owned properties. He commented: “We greatly value the strong and positive working relationship that ADCB has built with RERA and DLD over the past decade. With the help of its highly professional support and guidance, we have created a leading capability for Owners Associations which has led to us opening over 550 accounts that will benefit the market in support of RERA’s goals to continually improve the regulatory environment for communities. We believe this is good for the UAE real estate market and are proud of our association in general.”

The system ensures comprehensive regulatory governance of all parties by imposing service fees before asking owners to pay via DLD’s and RERA’s database, based on the areas of DLD-registered units and their owners. The real estate complex management company licensed and registered by RERA begins the procedure by submitting the financial statements and downloading copies of maintenance and service contracts and other supplier contracts for common property services. The auditor then proceeds to audit these financial statements and contracts on bases and criteria approved by RERA, which then reviews the completeness of the transaction’s audit.

-ENDS-

 

About Dubai Land Department:

Dubai Land Department (DLD) was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.

DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include real estate registration services, real estate investment promotions, and corporate support, and with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.

Unified Toll Free Number:

In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number [8004488]. This can be used for all Dubai Land Department and Rental Disputes Centre enquiries.

 

About ADCB

 

ADCB Group is a leading UAE banking group that provides a full suite of award-winning products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management.

On 1 May 2019, ADCB and Union National Bank merged and the combined entity acquired Al Hilal Bank, which operates as a separate Islamic banking entity under its own brand within the Group. The transaction reinforced ADCB’s position as the third largest bank in the UAE, with assets of AED 417 billion based on pro-forma financial information as at 30 June 2019.

The Group serves over 1 million customers.

ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB. As at 30 June 2019, ADCB’s market capitalisation was AED 58 billion.

Further information on ADCB can be found at adcb.com and information on the transaction between ADCB, UNB and Al Hilal Bank can be found at beyondambition.com

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