Jan 14, 2019
Deyaar Development PJSC (Deyaar), one of Dubai’s leading property developers and real estate service providers, and Awqaf and Minors Affairs Foundation (AMAF), today signed a property management contract. The contract mandates Deyaar to manage AMAF’s endowment properties and assets in line with the prevailing UAE regulations.
His Excellency Khaled Rashid Al Thani, Deputy Secretary General of AMAF, and Ahmed Al Suwaidi, Vice President of Property Management at Deyaar, signed the agreement in the presence of Saeed Al Qatami, CEO of Deyaar Development.
Under the agreement, Deyaar is to manage AMAF’s large portfolio of endowment properties in line with Law No. 26 of 2007 regulating the relationship between landlords and tenants in the Emirate of Dubai, as amended by Law No. 33 of 2008 (‘Landlord and Tenant Law’), and the guidelines of the Real Estate Regulatory Agency (RERA). On behalf of AMAF, Deyaar is also the beneficiary of all entitlements from the tenants, including rent and any fines, insurance or other fees related to the leased property as per the applicable laws and regulations.
Deyaar is required to submit a monthly statement to AMAF outlining the income and expenses for each property, in addition to occupancy rates, the number of vacant units and all other matters concerning the management of the real estate.
Speaking on the contract signing, His Excellency Ali Al Mutawa, Secretary General of AMAF, said: “AMAF is committed to providing best-in-class services and optimizing the management of its resources to step up its ability to attract endowers and promote the culture of endowment in the country. In addition, such collaborations enable us to grow our capacity to care for our minors and meet all their needs. We will continue to build synergies with public and private sector entities that help us achieve our mission of supporting diverse segments of society and contributing to the National Agenda of the UAE Vision 2021.”
For his part, Saeed Al Qatami, CEO of Deyaar Development, said: “AMAF’s efforts in caring for minors and marginalized segments of the population positively impact our society, and we are pleased to partner with the Foundation to offer our services in the field of property management. We aim to add value to the Foundation’s projects through our portfolio of specialized services. This partnership demonstrates our ambition to play an active role in creating a sustainable urban environment in close cooperation with government institutions in line with the goals of the UAE Vision 2021.”
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