Majid Al Futtaim and Aldar aim to become the first developers in the UAE to digitize real estate sales transactions
Dubai, UAE: Following the issuance of UAE Federal Executive Order No. (46) of 2021 on Electronic Transactions and Trusted Services (“E-Law”), Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, and Aldar Properties are working together to create and implement digital real estate sales platforms for their businesses. Enabling convenient digital real estate sales transactions, the developers aim to be the first to implement such online sales systems in the UAE, with the platforms to be launched when the e-law comes into effect in the first quarter of 2022.
The new e-Law makes it possible to include real estate transactions in its scope. The digitization of real estate transactions will make buying, selling and managing properties a simple, fast and convenient process for clients in the UAE and overseas. Electronic law regulates and enables electronic transactions to be conducted with confidence by recognizing that a verified electronic signature has the same legal validity as a physical signature.
Switching to electronic real estate transactions not only dramatically reduces the time it takes to complete transactions, it also improves the customer experience and is more environmentally friendly due to reduced paper usage. Buyers can transact digitally from the comfort of their home or office, wherever they are in the world.
The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a Memorandum of Understanding (MOU) which will see the two parties work together to improve 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 further encourage knowledge sharing and collaborative innovation in the real estate sector.
“The publication of the new law online and the launch of our new digital real estate sales platform mark the next step in our digital transformation journey as we aim to become the most customer-centric developer in the region. As the first real estate organizations 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. Going forward, this will enable our customers to experience seamless and secure transactions regardless of their location. said Hawazen Esber, CEO of Majid Al Futtaim Communities.
Jonathan Emery, Managing Director of Aldar Development, said: “The new e-Law is an important development for the UAE real estate sector. This will not only improve the buyer experience, but encourage foreign investment in what is a modern and digitized market. Together with Majid Al Futtaim – Communities, we hope to encourage increased industry collaboration to ensure the UAE real estate market is at the forefront of innovation, digital transformation and sustainability.
The introduction of new visa reforms, ease of business ownership, as well as the economic impact of Expo 2020 Dubai have strengthened the UAE’s position as a hub for living and working and created an opportunity perfect for property owners and investors who are on the lookout for a strong real estate market. The new system increases operational efficiency, which results in both lower costs and a more seamless experience, creating a streamlined platform for investors and clients. Fostering environmentally responsible 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 additional efficiencies in property management processes. real estate transactions.
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About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the pioneer of shopping malls, communities, retail and leisure in the Middle East, Africa and Asia.
A remarkable business success, Majid Al Futtaim started from the vision of one man to transform the face of shopping, entertainment and leisure in order to “create great moments for everyone, every day”. It has since grown into one of the most respected and successful companies in the UAE, spanning 17 international markets, employing over 43,000 people and achieving the highest credit rating (BBB) among companies. private in the region.
Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with other developments underway in the area. The mall portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Center malls, My City Center neighborhood malls and five community malls which are in joint venture with the Sharjah government. The Company is the exclusive franchisee of Carrefour in more than 30 markets in the Middle East, Africa and Asia, operating a portfolio of more than 375 points of sale, including City+, the first cashless store in the region, and a boutique in line.
Majid Al Futtaim operates over 500 VOX Cinemas screens as well as a portfolio of world-class leisure and entertainment experiences in the region, including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai. The company is the parent company of 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 facilities and energy management company, through a joint venture with Veolia, a global leader in optimized environmental resource management.
www.majidalfuttaim.com/fr
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About Aldar
Aldar Properties PJSC is the leading property developer and manager in the United Arab Emirates with a diversified and sustainable operating model centered on two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master developer of integrated, liveable and thriving communities in Abu Dhabi’s most desirable destinations including Yas Island, Saadiyat Island, Al Raha and Reem Island. He is responsible for the development of c. Land Bank of 65 million sq m and comprises three businesses: Aldar Projects, which manages Aldar’s fee-based development management activities, including AED45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and new areas of innovation; and Aldar Egypt, the platform focused on the development of mixed-use communities in Egypt.
Aldar Investment is home to Aldar’s core asset management business, comprising a AED16 billion portfolio of investment-grade, income-generating real estate assets diversified across the retail, residential and commercial segments. It also manages three main platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education comprises Aldar’s entire education portfolio, including Aldar Academies, Abu Dhabi’s leading education group, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of programs and ancillary services such as a Teacher Training Academy.
Aldar Estates consolidates Aldar’s retail operations alongside existing residential and commercial real estate operations within Provis and will additionally include community management under an integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hospitality and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations at golf courses, beach clubs and marinas.
Aldar’s shares are traded on the Abu Dhabi Stock Exchange (stock quote: ALDAR: UH). It is a profitable, cash-generating business that generates recurring revenue and benefits from a diverse and supportive shareholder base. Aldar operates under high standards of corporate governance and is committed to operating a sustainable, long-term business to deliver continued value to its shareholders.
Aldar is driven by a vision to be a leading property developer and manager in the region by playing a key role in developing quality, comfortable and desirable destinations in which people can live, work and visit.
For more information about Aldar, please visit www.aldar.com
© Press release 2021