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Rera MoU allows United Bank to open accounts for OAs in Dubai

Dubai Land Department’s regulatory arm has signed the MoU to improve services for OAs in the emirate

Dubai's Rera is DLD's regulatory arm.
Logistics Middle East
Dubai's Rera is DLD's regulatory arm.

Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with the United Bank Limited, as part of which its regulatory arm Real Estate Regulatory Agency (Rera) will authorise United Bank Limited to open bank accounts for real estate owners' associations (OAs), in accordance with the provisions of local law, and other additional services.

The MoU was signed by Rera’s chief executive officer, HE Marwan bin Ghalita, and United Bank Limited’s head of operations, Syed Asghar Hussain.

Commenting on the MoU, Bin Ghalita said the purpose of the agreement was to provide more banking options to OAs and ensure they are treated in a fair and transparent way.

He added: “We spare no efforts to facilitate the work of OAs, and help them provide the best possible services to all residents of freehold areas.

“Given the broad base of United Bank Limited’s clients and its long-term business in the country, it will be able to provide its advanced banking services to OAs in an optimal manner.”

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Construction Week - Issue 747
Aug 03, 2019