Dubai Land Department, Mashreq Bank sign agreement

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 Sultan Butti bin Mejren, Director General of DLD, and Abdul Aziz Al Ghurair, CEO of Mashreq Bank.

"We have reached this agreement with Mashreq Bank based on our mutual interest to support and strengthen our co-operation," Sultan Butti bin Mejren said. "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 the 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 the country. In addition to this, the bank will receive priority as a partner in real estate promotion and will provide customers and investors with consultation and information.

"We are delighted to be DLD’s banking partner and support the promotion of Dubai’s real estate in the domestic and international markets. Dubai remains a popular destination among the 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, we are strengthening our position as the UAE’s leading bank, Al Ghurair added."

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 through exhibitions, and international and regional conferences and events, as well as support developers. This will save investors’ time, effort and money while enhancing their long-term experience.

Majida Ali Rashid, Assistant Director General and Head of the Real Estate Investment Management and Promotion Centre – the investment arm of DLD – remarked, "Our centre 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 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.