DUBAI: Dubai Financial Market (DFM) signed Memorandum of Understanding (MoU) with the judicial arm of the Dubai Land Department (DLD), the Rental Disputes Center (RDC).
The agreement aims to reinforce cooperation between both sides as well as to streamline joint procedures by directly linking RDC with DFM’s electronic services platform, as the official channel for applications related to any judicial measures relevant to market participants.
His Excellency Essa Kazim, Chairman of DFM and His Excellency Sultan Butti bin Mejren, Director General of OLD signed the MoU in the presence of senior representatives from both sides. The MoU paves the way for further cooperation and knowledge sharing between the two sides, providing a clear framework for the implementation of the Rental Disputes Center rulings related to court restrictions, court releases and court sell orders, as well as the distribution of cash dividends for investors whose shares are under court custody.
This step clearly indicates the deep belief of both the DFM and the DLD, represented by the RDC, in the importance of coordination and cooperation in further reinforcing the efficiency of their activities as well as reinforcing efforts to strengthen the leading position of Dubai and the UAE in terms of business excellence and quality of services.
H.E. Essa Kazim, Chairman of DFM said: “The DFM maintains a strong relationship with various government institutions, with DLD at the forefront, as part of our commitment to collaborate with related institutions to further enhance Dubai’s favorable and attractive environment for investment. We are pleased to sign the new MoU that will enhance communication channels with RDC through DFM’s electronic services platform as an official communication channel between the two sides. This step is in line with the vision and directions of the wise leadership that emphasizes on the importance of employing advanced technologies to provide smart and innovative services to market participants. Accordingly, we have developed efficient and secured channels to connect with various entities including the DLD, in order to process applications rapidly and effectively.”
H.E. Sultan Butti bin Mejren, Director General of DLD, said: “This MoU comes within the framework of constant care and continuous efforts to strengthen partnership and cooperation with our various governmental entities. This is in accordance with the directives of our wise leadership to improve government performance and provide advanced government services to all customers as well as ensure Dubai’s premier global position. DLD strives to provide its expertise and progress in the development of modern applications for all its institutional partners, which will contribute to Dubai’s economic development and position the Emirate among the best international investment destinations. We would like to express our gratitude and appreciation on this occasion to the DFM and its interest in developing joint relations that will benefit both parties.”[the_ad id=”32940”]H.E. Judge Abdulqader Mousa, Director of the Rental Disputes Center (RDC), said: “The RDC attained qualitative achievements in effectively resolving rental disputes, thereby enhancing transparency in the real estate sector, guaranteeing the rights of all involved parties, and contributing to spreading happiness and positivity. The RDC is open to sharing experiences and achievements with our partners in Dubai to achieve national visions. We are delighted to consolidate collaboration with the DFM by signing this MoU for the use of the eServices portal as an approved communication channel as well as continue to coordinate in joint procedures that aim to complete the electronic connectivity plan.”