Tenants in Dubai will soon be able to pay their rent through their bank accounts and credit cards rather than using the traditional postdated cheque system under an agreement that aims to automate financial transactions in the emirate’s property market.
The agreement between the Dubai Land Department (DLD) and Emirates NBD will digitise rental cheque payments through the UAE Central Bank's Direct Debit System.
This will eliminate the need to manually manage postdated cheques submitted to landlords and property management companies, the DLD and Emirates NBD said on Monday without specifying when it will begin.
While some tenants in Dubai are already paying rent through direct debit, the collaboration with Emirates NBD, Dubai's biggest lender by assets, is part of the DLD's “mission to present a regulatory environment in service of tenants and property owners”, director general Sultan Butti bin Mejren said.
“The real estate industry in the UAE is one of the best and most competitive in the world … such collaborations will help facilitate and streamline the processes involved in the property market by employing progressive machinations on the path towards replacing the legacy systems in place,” he said.
Tenants in the UAE typically write out postdated cheques a year in advance. While this method gives landlords the security that the payment will be made, it can cause financial problems for tenants who sometimes have to take out a personal loan to pay their rent.
However, the agreement will give tenants access to flexible payment plans from their landlords or property management companies, the DLD and Emirates NBD said.
This is not the first time that tenants in Dubai have been able to pay their rent through direct debit or online banking.
In 2018, Dubai property services company Asteco introduced a new digital payment service for tenants that allowed them to pay rent via direct debit after teaming up with National Bank of Fujairah.
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The new rental payment option for tenants in Dubai will boost confidence in the emirate's property sector, according to Lewis Allsopp, chief executive of Dubai-based broker Allsopp & Allsopp.
“Tenants will no longer have to provide forward-dated cheques in order to rent a property in Dubai,” Mr Allsopp said.
“This could mean that renting a property when expats first move to the emirate could happen faster as waiting for a chequebook is no longer required and could, in turn, lessen the length of stay in a short-term rental property.”
“This advancement in payment options for rental contracts in Dubai will add confidence in the market. It could also make the cost of living here more manageable by offering monthly payments rather than the upfront payments that we are used to. This will open tenants' options on rental properties significantly.”
The UAE property market has rebounded on the back of government initiatives such as residency permits for retirees and remote workers. Its expansion of the 10-year golden visa programme and the economic boost from Expo 2020 Dubai have also helped to increase prices and sales.
Dubai property prices and transaction volumes continued to rise in May, real estate agency CBRE said in its latest market report.
Average residential property prices increased by 10.9 per cent in the year to May 2022, with apartment prices rising 9.6 per cent and villa prices up 19.8 per cent,
Month on month, prices rose 0.4 per cent for apartments and 1.2 per cent for villas in May, the report said.
Meanwhile, the agreement will also allow international investors to open an Emirates NBD non-resident account that will help to streamline property purchases, real estate management and rent collection.
“Emirates NBD remains committed to supporting initiatives that will support the UAE’s long-term and strategic goals and strengthen Dubai’s standing as the investment destination of choice for international property investors,” said vice chairman and managing director Hesham Al Qassim.
The partnership between the DLD and Emirates NBD is in line with the Dubai government's goal to digitise services and promote a cashless economy.
In 2018, it unveiled the 10X initiative and Paperless Strategy to digitise services and eliminate the use of about 1 billion pieces of paper in transactions annually. Both programmes contribute to the emirate's sustainability goals.
The Covid-19 pandemic accelerated the digital payments trend in the Middle East, causing a permanent shift in consumer habits, according to a 2021 survey by global financial services company Visa.
In the UAE, non-cash payments are expected to account for 73 per cent of transaction volumes by 2023, up from 39 per cent in 2018, the Mena FinTech Association said in a June report.
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Company%C2%A0profile
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
GCC-UK%20Growth
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
AL%20BOOM
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
COMPANY%20PROFILE
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
Racecard
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Mohammed bin Zayed Majlis
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
