RDC, UAE Central Bank sign deal to solve rental rows fast

Dubai / Emirates Business

The Rental Disputes Center (RDC), the judicial arm of the Dubai Land Department (DLD), signed a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates, in order to facilitate prompt information exchanges between the RDC and banks operating in the UAE for Rental Disputes. Furthermore, an electronic framework of cooperation will be developed between the bank and the center to facilitate the implementation of decisions and judgments. The signing of this memorandum demonstrates the priority given to banking cooperation with relevant government authorities by the Central Bank of the United Arab Emirates.
The aim of the MoU, signed by Director of RDC, HE Abdulqader Musa Mohammed, and Assistant Governor for Banking Supervision, HE Saeed Abdullah Al Hamiz, is to consolidate aspects of cooperation between the federal and local governments through electronic links. The proposals will speed up procedures and reduce transaction times from six months to two working days, achieved through a transition from paper-based to electronic systems.
Both parties agreed to establish a platform utilising the Central Bank’s existing Customer Information Request System, in order to facilitate prompt communication between the RDC and banks operating in the UAE in relation to Rental Disputes Management. Both organisations also expressed that they look forward to improving the standard of their customer’s happiness through rapid implementation of the MoU’s provisions and to ensuring the smooth and effective clearing of debts, which will achieve positive effects on the Dubai real estate market, thereby enhancing its reputation.
Commenting on this, HE Abdulqader Musa Mohammed said: “This move is consistent with our ongoing efforts to improve upon existing frameworks of cooperation with official bodies, with the aim of improving Government procedures and promoting cooperation between all institutions. It is expected that this MoU will pave the way towards promoting transparency for all property transactions and procedures, benefiting all parties and guaranteeing the protection of their rights. ”
HE Abdulqader Musa Mohammed continued “The number of Rental Dispute Center judgements to be implemented for the year 2016 stands at 2630, all of which will all now be rapidly implemented by the effective system set in motion as an outcome of this MoU.”
Assistant Governor for Banking Supervision, HE Saeed Abdullah Al Hamiz, stressed the need for cooperation and coordination with similar bodies in the country, in order to ensure implementation of decisions and judgments. He emphasised the vital role that the center plays in supporting the stability of the national markets and in upholding transparency, providing greater peace of mind and ensuring a higher level of security for all parties involved in property contracts.
Al Hamiz concluded: “We are pleased to provide support for all of our national institutions as permitted by our country’s laws and regulations, to ensure justice, security and peace of mind in the UAE. The CIR System at the Central Bank of the UAE has safeguarded stability across many of Dubai’s industry sectors and we are certain that this will also be the case for our cooperation with the RDC and DLD. Our plan will help the Emirate’s real estate sector by maintaining the rights of all parties, ensuring justice through the fair and efficient application of the provisions of
UAE law.”