DLD completes 1,508 disbursement processes worth AED 3.4 bn in 5 weeks via escrow accounts
Dubai Land Department (DLD), through its Real Estate Regulatory Agency (RERA), announced that it will continue to provide all support services to its customers and ensure business sustainability in the current exceptional circumstances. These services guarantee continued work in the real estate sector at its usual pace, confirming its importance in driving the national economy, and providing support for the construction sector, which was exempted according to the decisions issued by the competent official authorities, in conjunction with the National Sterilisation Programme that is being implemented as a result of the global outbreak of COVID-19.
(Recommended Reading: DLD: 13.6% contribution from real estate sector to Dubai’s GDP)
During the past five weeks, business in the escrow account continued electronically and 126 real estate developers benefited from RERA’s services, helping these companies continue construction on off-plan sales projects, with 1,508 disbursement procedures that having been implemented for 342 companies as well as disbursement procedures for doing business accounts in off-plan real estate projects under development.
Khalifa Alsalfa, Senior Director of the Escrow Account Department at DLD, commented: “The process of following up on the off-plan real estate development process is completely electronic, which helps us serve all real estate developers and approve the disbursement of their payments through the electronic escrow account application. We are also implementing all real estate development procedures in the Emirate electronically and remotely through the approved systems in the department. Customers can submit requests for credits and disbursement through the electronic escrow account application account linked with the managers of the project development’s escrow account.”