Dubai Land Department (DLD) announced that it has signed an agreement with Mashreq Bank concerning banking solutions for the transaction services of the ‘Tarweej’ real estate promotion initiative. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and His Excellency Abdul Aziz Al Ghurair, CEO of Mashreq Bank.
Commenting on the agreement, His Excellency Sultan Butti bin Mejren commented: “We have reached this agreement with Mashreq Bank based on our mutual interest in supporting and strengthening our cooperation. Mashreq Bank is considered one of the UAE’s leading banking institutions, and with DLD’s proven track record in supporting the national economy over the past 50 years, we hope to work together to provide all possible support for 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 of the country. In addition, the bank will receive priority as a partner for real estate promotion in accordance with the laws applied in each country, and will provide real estate customers and investors with consultation and information on products to meet their needs.
His Excellency Abdul Aziz Al Ghurair added: “We are delighted to be DLD’s banking partner and to be supporting the promotion of Dubai’s real estate across domestic and international markets. Dubai remains a very popular destination amongst 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. This is largely driven by our leaders’ unique vision, innovative property designs and the many exclusive developments currently underway. By expanding our services to meet the needs of our customers, we are strengthening our position as the UAE’s leading bank for contributing to the growth of the country.”
The agreement aims to enhance confidence in Dubai’s real estate sector by providing a unique investment environment. It will also support the promotion of the Emirate’s real estate sector and projects via exhibitions and international and regional conferences and events, and support the presence of developers at these occasions. This will save investors time, effort and money to enhance their long-term experience, taking into account the best practices and standards in this field.
Her Excellency Majida Ali Rashid, Assistant Director General and Head of the Real Estate Investment Management and Promotion Center – the investment arm of DLD – commented: “Our center is the first of its kind globally. Since its establishment in 2011, it has provided investors with ideal opportunities for real estate investment in Dubai and helped to highlight the Emirate’s strategic location as well as its safe and secure environment. Thanks to high-quality, meticulously designed projects that hold their value, Dubai’s real estate market attracted AED 78 billion of investment from January 2017 to date. These figures reflect the world’s confidence in Dubai’s real estate market, which is based on a strong system of regulatory legislation that guarantees the rights of all. “
The ‘Tarweej’ initiative was launched by the Real Estate Investment Promotion and Management Center, which aims to promote Dubai’s real estate market and its projects under the DLD umbrella by establishing a community of real estate developers inside and outside Dubai.