Majid Al Futtaim And Aldar Aim To Become First Developers In UAE To Digitalise Real Estate Sales Transactions
Following the issuance of UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services(“E-Law”), Majid Al FuttaimCommunities, part of Majid Al Futtaim Properties, and AldarProperties are working together to create and implement digital real estate sales platforms for their businesses. Allowing for convenient digital real estate sale transactions, the developers are aiming to be the first to implement such online sales systems in the UAE, with the platforms set to be launched when the E-Law comes into effect in Q1 2022.
The new E-Law allows for real estate transactions to be included within its scope of application. The digitalisation of the real estate transactions will make property purchases, sales and management a simple, quick and convenient process for both UAE and overseas customers. The E-Law regulates and allows electronic transactions to be conducted with confidence by recognising that a verified electronic signature has the same legal validity as a physical signature.
The move to electronic real estate transactions not only significantly reduces the time required to complete transactions, but it also enhances the customer experience and is more environmentally friendly due to the reduction in paper usage. Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world.
The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a Memorandum of Understanding (MOU) that will see both parties work together to enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector. Supporting the UAE’s drive to increase the contribution of the Fourth Industrial Revolution to the national economy, the MOU aims to encourage further knowledge sharing and collaborative innovation in the real estate sector.
“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer. As the first real estate organisations in the UAE to adopt this online system, Majid Al Futtaim welcomes this collaboration with Aldar and aims to work together to create a more innovative industry. Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.” saidHawazenEsber, Chief Executive Officer, Majid Al Futtaim Communities.
Jonathan Emery, Chief Executive Officer at Aldar Development commented: “The new E-law is a significant development for the UAE’s real estate sector. It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market. Together with Majid Al Futtaim – Communities, we hope to encourage further collaboration within the industry to ensure that the UAE’s real estate market is at the forefront of innovation, digital transformation and sustainability.”
The introduction of new visa reforms, the ease of business ownership, as well as the economic impact of Expo 2020 Dubai has 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 new system increases operational efficiencies, which results both in cost reduction and a more seamless experience, creating a simplified platform for both investors and customers. Driving environmentally-friendly business practices Majid Al Futtaim Communities and Aldar Properties remain at the forefront of the UAE’s efforts to create a more digital future, supporting further efficiencies in the real estate transaction management processes.
