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Dubai Land Department introduces global virtual real estate platform

Dubai Land
Department
(DLD) has announced
the introduction of the Real Estate Self Transaction (REST), as part of its
contribution to the Dubai 10X initiative.

REST
is a platform for conducting real estate trading and transactions with multiple
parties anywhere and anytime. The new platform enables the complete digital
management of real estate transactions, eliminating paper documents and
reducing brokerage procedures.

The platform
covers all real estate transactions such as buying and selling as well as real
estate market services including mortgage. The project is scheduled to be fully
developed by the first quarter of 2020 and is expected to significantly reduce
costs and enhance customer satisfaction.

According
to Mr Sultan Butti bin Mejren, Director General of DLD, by removing many
traditional limitations in the real estate transaction process, the smart real
estate system allows landlords to trade and sell their properties anytime and
from anywhere in the world.

“We
have deployed advanced technologies and real estate systems based on a deep
understanding of the needs of property owners. By enabling customers to
directly manage all elements of the real estate transaction process online, the
platform helps them save considerable time and effort,” he said.

REST
enables landlords, based both in Dubai and abroad, to rent their properties and
pay for electricity, water and Internet bills remotely, avoiding the need for
property management and service agents. It enables owners to appoint furnishing
and decoration companies to manage the interior design and furnishing process
by providing full access to online floor plans. All financial obligations of
landlords' properties can be managed in association with owners’ associations
for delivered properties and approved trustees for under-construction
properties.

By
linking the owner directly to the bank through a smart application, customers
can more easily access mortgage services. Neither parties will need to be
physically present as all property data is available online. Using the system,
the bank can offer direct mortgage, deposit the mortgage amount in the client's
account, or decommission the mortgage directly in case of sale and purchase.

Partners
of the project involve all players across the real estate value chain such as developers,
banks and relevant government entities.

The
project is developed by the Emirates Real Estate
Solutions
, the technical arm of Dubai Land Department, is developing and
implementing the project in partnership with leading technology providers. According
to the announcement, the planning and implementation of the project is led by a
team of highly qualified young Emirati professionals.

As reported
earlier
, in October 2017, the Dubai Land Department (DLD) became the
world’s first government entity to implement all of its transactions through
blockchain technology. DLD has created the Blockchain system using a smart and
secure database that records all real estate contracts, including lease
registrations, and links them with the Dubai
Electricity & Water Authority
(DEWA), the telecommunications system,
and various property related bills.

The Dubai 10X initiative was
launched by Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, His
Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, in February 2018,
with aim of placing Dubai 10 years ahead of other cities of the world. Government
bodies across sectors are joining in the effort to implement their projects in
collaboration with innovative tech companies.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com