Abu Dhabi’s biggest developer, Aldar Properties, has teamed up with Majid Al Futtaim Properties to create an online real estate platform for their businesses amid new legal reforms by the UAE government.
The UAE last week announced amendments to the law on electronic transactions and trust services that give digital signatures the same weight as a handwritten signature.
“The new E-law is a significant development for the UAE’s real estate sector,” Jonathan Emery, chief executive of Aldar Development, said in a statement on Sunday.
“It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalised market.”
The UAE property market, which softened owing to a three-year oil price slump that began in 2014 over supply concerns and the pandemic, is on a rebound as people upgrade to larger homes with outdoor amenities amid a surge in remote working and online learning.
Economic support measures and government initiatives – such as residency permits for those who have retired and remote workers, in addition to the expansion of the 10-year golden visa programme – have also helped to improve sentiment.
“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,” the two companies said.
The collaboration between Aldar Properties and Majid Al Futtaim Properties follows the recent signing of a preliminary agreement that will see both parties work together to “enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector”.
Dubai-based Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments under way in the region.
Aldar, which has developed a number of projects in Abu Dhabi, including on Yas Island, Al Raha and Saadiyat Island, reported an 11 per cent jump in its third-quarter profit on the back of record quarterly development sales. It unveiled a number of new projects recently, including Yas Acres Magnolias and Al Gurm Phase II.