Media ININ Economy We Trust
Media IN Dubai 9th-07-2019
Dubai Land Department (DLD), represented by its regulatory arm Real Estate Regulatory Agency (RERA) the regulatory entity for the owners’ associations (OA) signed a memorandum of understanding (MoU) with United Bank Limited (UBL) – UAE to manage and service OA accounts.
The Director General of DLD, said: “Freehold areas in Dubai are a key focus of real estate investment as they attract investors from around the world and provide advanced service structures and facilities.”
Under this agreement, RERA agrees to authorise UBL to provide certain services, such as opening bank accounts for OAs in accordance with the provisions of the law and other additional services.
The MoU was signed by HE Marwan bin Ghalita, CEO of RERA, and Syed Asghar Hussain, Head of Operations at UBL.
During his speech, Bin Ghalita said: “At RERA, we spare no efforts to facilitate the work of OAs, and help them provide the best possible services to all residents of freehold areas. The purpose of this agreement is to provide more banking options to OAs and ensure they are treated in fair and transparent ways that guarantee the rights of all parties.”
RERA 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 regulations regarding general organisation, the Key law for OAs, and decisions concerning co-owned properties.
