Dubai Land Department and Emcredit partner to offer information services for real estate industry

This new solution will provide details on title deed information, real estate exposures and property evaluation to enhance transparency in property transactions.

Sultan Butti Bin Mejren, Director General of the Government of Dubai Land Department, signed the agreement with Ali Ibrahim, Vice Chairman of Emcredit, in the presence of Marwan bin Ghalita, Chief Executive Officer, Real Estate Regulatory Authority (RERA), Ghazi Al Shoubaki, Head of Government Solutions, Emcredit and Ahmed Al Mazaroui, Government Services Officer, Emcredit.

Sultan Butti Bin Mejren, hailed the agreement as a significant milestone for the real estate industry in the UAE. He said: "Emcredit is the first independent company offering credit information services in the UAE and the new solution developed by them is a significant evaluation instrument. It provides real-time information on title deed for all properties in Dubai, through one access point. This solution is targeted at companies in the real estate sector, such as mortgage providers, real estate agents and valuators, helping them gain a better perspective on their customers' property positions."

Under the terms of the Memorandum of Understanding, Emcredit will develop and deliver the Property Profile Solution based on data provided by RERA. Part of the Dubai Land Department, RERA formulates, regulates, manages and licenses various real estates related activities in Dubai.

Through the new solution, mortgage providers can verify existing and past mortgages against a property and a customer's financial exposure, in order to make more informed lending decisions. The solution will enable real estate brokers to authenticate the true ownership of a property and obtain details on any specific registered property. Property valuators will also benefit from this initiative through accurate validation of property details and comparison of historical sale and purchase values.

Ali Ibrahim of Emcredit, highlighted that the new initiative marks the first major step in a series of solutions to be developed by Emcredit for the UAE's thriving real estate market: "We are very pleased to enter into this exclusive partnership with Dubai Land Department, which will enable the real estate industry to gain better perspective while making business and lending decisions. The Property Profile Solution is also indicative of how our information services empower not only financial institutions, but also businesses across industry sectors.

"The foresight and commitment of the Dubai Land Department, combined with Emcredit's information service expertise, will strengthen risk management processes of companies, enable greater business growth and enhanced service to their customers. It will also drive greater transparency in the industry."

Marwan bin Ghalita of RERA, said: "RERA, in collaboration with all companies in the real estate sector, aims to enhance investor confidence in this dynamic real estate industry. This is in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the system and regulations mandated by the Government of Dubai.

Ghalita added that RERA provides comprehensive support to government and private companies that strive to take Dubai on an international platform: "The pertinent data required to power the Property Profile Solution will be provided to Emcredit by RERA under strict privacy guidelines, and will be updated on a daily basis to ensure accuracy and timeliness, while Emcredit focuses on developing and delivering the solution to the market."