Emaar Properties of Dubai signs real estate asset protection agreement with DIFC courts

The Courts of the Dubai International Financial Center (DIFC) and Emaar Properties have signed a Cooperation Agreement to promote the wills service provided by the English-speaking Common Law Court of the United Arab Emirates.

The new agreement is expected to encourage awareness of Emaar Properties’ portfolio in the service of wills, providing investors and residents with additional protection on real estate investments in the United Arab Emirates.

Last month, Emaar Properties said its group real estate sales in the first quarter of 2021 were $ 1.937 billion, up 83% from the $ 1.058 billion reported in the first quarter of 2020. It added that it had delivered over 74,500 residential units to Dubai.

Read: Dubai’s Emaar Properties reports real estate sales of $ 1.93 billion in Q1 2021, up 83% year-on-year

Launched as part of a partnership in 2015 between the DIFC Courts and the Government of Dubai, the Wills Department was created to enable non-Muslims who invest and live in the United Arab Emirates to pass on their assets and appoint guardians for their children according to their wishes. through a will registration service.

“This is a public service designed and implemented to provide people with choice. The UAE is home to more than eight million expats, many of whom have settled in the country and bought homes for their families. In addition, the UAE has welcomed and enabled many foreign investors to make real estate investments. The DIFC Courts have therefore created a mechanism that can contribute to ultimate peace of mind in property matters, ”said Judge Omar Al Mheiri, Deputy Chief Justice of the DIFC Courts. “This new alliance with one of the UAE’s flagship developers will ensure another layer of awareness for those who choose Dubai and the UAE as a destination for real estate property.”

In April of last year, following the Covid-19 pandemic, DIFC courts introduced a new video conferencing facility to facilitate online registration of wills.

Read: Dubai DIFC Courts Introduce Video Conferencing To Register Wills Online

A testator and two witnesses can join by videoconference from different locations, rather than having to be in the same location as was previously the case.

Wills can then be uploaded directly to the system and electronic signatures can be affixed to verify and testify to the will.

Overseas residents also have the option of using the virtual registry system to register wills related to property, business ownership and financial assets with DIFC courts.

Read: Dubai DIFC Courts Announce Changes to Will Registration Rules

Investors and former residents can access it from anywhere in the world and connect via video link to a compliance officer in Dubai.

DIFC Courts also provide an automated online will drafting service for property wills, with full explanatory notes, if individuals wish to draft the will independently.

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