Dubai - United Arab Emirates: The Dubai Land Department (DLD) has developed the all-new electronic Escrow account software which allows developers to introduce electronic data based on advanced techniques and enable them to complete their work easily and quickly more accurately.

The Escrow System is designed to create a more professional and stable market for investors and to establish a legislative legal framework for real estate transactions in line with state-of-the-art technology that reflects Dubai's reputation as global business hub. This system will help in attracting more foreign investment to the market and enhance confidence between the contract's triangle (developer, buyer and the market)

The New amended version of the management software of the Escrow Account was launched by His Excellency Sultan Butti bin Mejren, Director General of DLD. The new version is compatible with the requirements of the current market and fulfills the requirements of providing date of various phases of off-plan sale. It also helps in preparing technical and financial reports. The software links databases used in DLD to those of the projects and other financial statements.

Khalid Obaid AlMutaiwei, Senior Director of the Real Estate Development Trust Account Department at Real Estate Regulatory Agency (RERA) said that the new system will help the real estate market in preparing analysis reports on the status of projects under construction. Such reports will reflect the actual stages of project's progress and provide financial reports. The new software is the core of comprehensive e-link system that connects all real estate developers and banks managing the Escrow accounts.

AlMutaiwei pointed out that the new system provides accurate data for real estate projects, so clients can browse data related to each project in the same user interface (UI). In addition to illustrating project dates, users can also browse information regarding developer, project, land, and units' owners. Moreover, the new software will provide detailed information of cases of liquidation procedures.

Nora Ibrahim Abdul Qadir, Head of Project Development in the IT department, said that the hard work of department's cadres in developing electronic systems such as the new Escrow account are in favor of customers and targets them. She added that for the department to succeed in running the largest real estate database in the country in light of the construction boom witnessed in the Emirate in recent years, the IT Department launched important initiatives to ensure development of electronic systems by employing modern techniques encompasses the magnitude of the database available and meet the requirements and needs of our clients.

She stressed that the success of updating Escrow Account system has enhanced the department's databases and brought it to a new levels, let alone the organization which helped in achieving other key goals such as the conservation of property rights.

Nora noted that the new system registers approved developers, update their data, offer annual renewal in the Register of developers, allows registration of various projects, links the project date with developers or subcontractors, registering of escrow account date, and allows periodic check of project by displaying the completion rate and financial follow-up.

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