Majid Al Futtaim Communities, part of UAE-based retail conglomerate Majid Al Futtaim Properties, and Aldar Properties, Abu Dhabi-based property development company, announced collaboration to create and implement digital real estate sales platforms for their businesses.
Following the issuance of UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services (‘E-Law’), the developers are aiming to be the first to implement such online sales systems in the UAE, with the platforms set to be launched when the E-Law comes into effect in Q1 2022.
The new E-Law allows for real estate transactions to be included within its scope of application. The digitalization of the real estate transactions will make property purchases, sales and management a simple, quick and convenient process for both UAE and overseas customers.
The E-Law regulates and allows electronic transactions to be conducted with confidence by recognizing that a verified electronic signature has the same legal validity as a physical signature.
“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer. 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. Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.”
The move to electronic real estate transactions not only significantly reduces the time required to complete transactions, but it also improves the customer experience and is more eco-friendly due to its use of paperless transactions. Regardless of where they are in the world, buyers can complete transactions digitally from the comfort of their own home or office.
The collaboration follows the recent signing of a Memorandum of Understanding (MOU) that will see both parties work together to enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector. Supporting the UAE’s drive to increase the contribution of the 4IR to the national economy, the MOU aims to encourage further knowledge sharing and collaborative innovation in the real estate sector.
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