Dubai, UAE: The Dubai Land Department (DLD) and Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, today announced their ambitions to drive digital initiatives across the industry and simplify the process for potential homeowners. At the forefront of these, the “digital real estate transactions”, which would enable the digitalization of real estate sales transactions in Dubai.
A move to electronic real estate transactions will not only significantly reduce the time required to complete transactions but will also enhance the customer experience by eliminating the need to be physically present to sign and submit documentation. Buyers would be able to complete and submit the required paperwork digitally from the comfort of their own home or office, regardless of where they are located in the world.
“In a world defined by the speed and convenience of online and on-demand services, it is essential for the real estate industry to utilize digital tools and automated processes. The Digital signature would make it possible to conduct real estate business from any place and anytime, at buyer or investor comfort. As Dubai continues to position itself as a global hub and innovative city, we are excited and happy to support Majid Al Futtaim Communities in enhancing the real estate landscape and driving digital innovations.”, says Sultan Bin Mijrin, Director General- Dubai Land Department.
The competitive real estate market in Dubai has been witnessing strong growth dynamics, with many international investors showing increasing interest. The introduction of new visa reforms, the ease of business ownership, as well as the economic impact of Expo 2020 Dubai have strengthened the UAE’s position as a hub to live and work and created a perfect opportunity for real estate owners and investors who are on the lookout for a strong property market. The “digital real estate transactions” initiative aims to increase property sales efficiencies, creating a simplified process for both investors and customers, allowing the industry to remain attractive and flexible for both investors and homeowners from around the globe.
”As we aim to become the region’s most customer-centric developer, we are excited to work alongside Dubai Land Department (DLD) to create a more innovative industry. The initiative would not only allow us to mark the next step in our industry’s digital transformation journey, but it would also enhance our customers’ experience, offering seamless and safe transactions regardless of their location.” says Hawazen Esber, Chief Executive Officer, Majid Al Futtaim Communities.
Supporting the countries’ vision and its ambitions to drive collaboration across the industry, Majid Al Futtaim Communities recently presented DLD with a special award, thanking them for their ongoing support and efforts towards enhancing the real estate landscape. The award also expresses Majid Al Futtaim’s continued support and commitment, as the country aims to become the number one hub for global economy and innovation.
About Dubai Land Department:
Dubai Land Department (DLD) was founded in May 1960 to establish the most prominent real estate sector at regional and international levels.
DLD provides outstanding services to all its customers and develops the necessary legislation to propel the real estate sector in Dubai by organising and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include Real Estate Registration and Services, Real Estate Promotion and Investment Management, and Corporate Support, as well as with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
About Majid Al Futtaim:
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 17 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood centres, and five community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in over 30 markets across the Middle East, Africa and Asia, operating a portfolio of more than 375 outlets including City+, the region’s first checkout-free store, and an online store.
Majid Al Futtaim operates more than 500 VOX Cinemas screens as well as a portfolio of world-class leisure and entertainment experiences across the region including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai. The Company is parent to a Fashion, Home and Specialty retail business representing international brands such as Abercrombie & Fitch, Hollister, AllSaints, lululemon athletica, Crate & Barrel, Maisons du Monde, LEGO and THAT, a Majid Al Futtaim fashion concept store and app. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management.