DLD highlights its support to joint ownership management companies

Business Bureau, Gulf Today

The Dubai Land Department (DLD), through the Dubai Real Estate Institute (DREI) and Real Estate Regulatory Agency (RERA), organised the Middle East Association Managers Conference (MEAMCON) 2019 in the presence of high-level delegations who represented a number of countries in the world as well as senior officials from DLD.

During the conference and through its senior representatives, including Eng. Marwan Bin Ghalita, CEO of RERA; Hend Obaid Al Marri, CEO of DREI; and Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector, DLD highlighted the progress made in supporting the operations of joint ownership management companies in the Emirate. DLD also discussed ways to help these companies perform their duties in a way that positively reflect on the residents as well as provide various facilities and services that guarantee their comfort and happiness.

During her opening speech at the conference, Hend Obaid Al Marri welcomed the delegations participating in the conference, which provided an excellent opportunity to communicate and exchange knowledge between all parties, commenting: “Organising this conference comes in light of the tremendous developments the sector is witnessing, which are expected to bring about fundamental changes in the real estate industry both on the physical and regulatory infrastructure fronts. Expo 2020 is close at hand, and this sector will gain importance given the substantial number of anticipated visitors and the delivery of projects and properties. At DREI, we focus on empowering Dubai’s real estate professionals, in line with our vision to be the leading international benchmark in spreading and sustaining real estate knowledge. Dedicated to excellence in teaching, research and service, DREI contributes to the creation of a prosperous and sustainable future for all.”

Hend Al Marri added: “With Dubai Government’s strong push to boost the real estate sector and services sector, conferences and courses offered by organisations such as DREI would go a long way in ascertaining that real estate professionals understand the impact of technology on the real estate market. Our 2020 strategic plan is rooted in digital transformation and publication projects, and I’m happy to share with you today that DREI will soon be releasing its first e-book, e-journal, and research papers prepared by regional real estate experts.”

During the conference, bin Ghalita provided a detailed presentation on the Mollak system, highlighting the customer journey before and after launching Mollak, which constitutes simplified steps that ensure customer convenience due to its digital nature. One of the most important features of the initiative is that it places Dubai at the forefront of global cities in the field of real estate services due to the fact that the initiative is the first electronic system to approve service fees for joint ownership management companies in the world and the first global index of service fees. The system also provides the first unified government database for joint ownership in the world through its transparency, speed, and paperless nature.

Among the most prominent achievements of the initiative is eliminating customer hindrances and reducing visits to DLD to zero since its inception, with the aim of increasing customer happiness levels towards the service, which reached 94.4%; it also achieved financial savings that amounted to Dhs2 million. The cost of the service fee was also reduced from Dhs 3,060 to Dhs293, and there were no customer complaints submitted to the unified electronic complaints system regarding any of the 418,000-unit title deeds that we registered.

 Majid Al Marri participated in a panel discussion titled ‘The New Owners’ Association Law, The Focus on Trust and Happiness,’ where he discussed DLD’s efforts in this field through its development of smart and innovative applications, most prominently the Dubai Real Estate Self Transaction (REST) platform, where 80% of DLD’s services have turned to smart services under one umbrella. DLD provides many facilities and services aimed at attracting investors to Dubai, reducing customer time and effort, and increasing confidence and transparency in the sector. Majid Al Marri stressed that through the wide range of digital services, customers and investors can complete their transactions remotely and at any time. This helps enhance the sector’s contribution to Dubai’s gross domestic product and also addresses the role of the registration and real estate services sector in the new law.

A number of important topics were also discussed, mainly the effect of the new law on enhancing investor confidence in the real estate market, and its role in promoting happiness within residential complexes as well as the role of management companies and the skills and expertise needed to best assume their responsibilities under the new law, which aims primarily to increase confidence and happiness.

During the conference, the Community Association Institute in the USA honoured DLD, DREI, and RERA for their consistent strategic partnerships, which aim to raise real estate awareness and education in the real estate market, in recognition of their vital roles in organising this event and its success as well as their tireless efforts in ensuring an educational and safe real estate environment that protects investor rights. Hend Al Marri also honoured the main speakers in recognition of their efforts in spreading awareness of the most important topics related to joint ownership management companies in the Emirate.