Dubai Land Department (DLD), represented by its regulatory arm Real Estate Regulatory Agency (RERA), signed a memorandum of understanding (MoU) with the Arab Bank for Investment & Foreign Trade (Al Masraf) to manage and service Owners Association (OA) accounts. The MoU was signed by HE Marwan bin Ghalita, CEO of RERA, and Hussein Ohida, Assistant General Manager – Corporate Support Services.
Bin Ghalita commented: “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.”
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 general organisation, the key law for OAs, and decisions concerning co-owned properties.
Ohida said: “We are delighted to introduce this service to our clients and the existing escrow services to developers. By signing this agreement with DLD, we can extend our escrow account services for property OAs through the Mollak system. This partnership with DLD is another milestone for Al Masraf on its journey to launching more value-added transaction banking services in the region.”
Since Al Masraf is duly-licensed in the UAE and provides banking services for individuals and companies, it has been approved and registered under this MoU by RERA as an account trustee, in accordance with Law No. 27 of 2007. RERA also authorised Al Masraf to provide certain services such as opening bank accounts for associations, among other additional services provided in the terms of the agreement.