Stock - Majid Al Futtaim
The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a memorandum of understanding (MOU) that will see both parties work together to enhance customer experience, digital transformation and sustainable practices in the real estate sector. Image Credit: Supplied

Dubai: Dubai-based mall operator and community developer Majid Al Futtaim, and Abu Dhabi’s Aldar Properties are working to create digital real estate sales platforms for their businesses, said the companies in a statement on Sunday.

The move follows the issuance of a new ‘E-law’, which will allow for the digitalisation of real estate transactions. The developers are aiming to be the first to implement such online sales systems in UAE, with the platforms set to be launched in the first quarter of 2022.

“The digitalisation of the real estate transactions will make property purchases, sales and management a simple, quick and convenient process for both UAE and overseas customers,” said the companies in a statement. “The E-Law regulates and allows electronic transactions to be conducted with confidence by recognising 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,” said Hawazen Esber, CEO, Majid Al Futtaim Communities.

“Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.” said Esber.

Reducing time

The companies said the move decision will reduce the time required to complete real estate transactions, while also enhancing the customer experience. “Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world.”

“It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market,” said Jonathan Emery, CEO Officer at Aldar Development.