The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts.
The MoU was signed by Marwan bin Ghalita, CEO of RERA, 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. 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,” said Bin Ghalita.
The MoU was signed by the RERA, as it is one of the authorities responsible for implementing Law No. 27 of 2007 regarding co-owned properties in Dubai concerning OAs. The 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. 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,” noted Ohida.
Since Al Masraf is licenced 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 RERA 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.