Dubai: Emirates NBD, a leading banking group in the region, has partnered with property technology start-up Urban to create a first of its kind financing program for UAE property rentals.
Launched earlier this year, Urban’s innovative platform has brought the entire rental journey online, allowing tenants to find inspected homes, access virtual viewings, visit properties at their convenience through secure digital locks, and pay via card or bank transfer.
Following the partnership with Emirates NBD, Urban tenants can now look forward to paying their rent monthly in any Urban property through a customised rental loan, enabling them to enjoy payment flexibility and convenience. Landlords will benefit from receiving the entire rental amount for the year upfront, thus offering them access to improved cash flows.
The solution developed by Emirates NBD and Urban is aimed at enhancing the rental process at an opportune time, addressing an overwhelming need for extended intervals for rent payments and offering peace of mind to tenants and landlords, making it a win-win solution. Urban’s digital rental solution, along with Emirates NBD’s rental loan proposition has been designed in response to growing issues voiced by renters evidenced in a recent YouGov survey, which identified that a third of Dubai residents found the current rental process stressful and nearly half preferred the option to pay rent in more instalments.
Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD, said: “The rental loan from Emirates NBD, in partnership with Urban demonstrates our commitment to keep listening for ways to enhance the lives of our customers. Relieving the stress of the house rental process by offering full financing with flexible payment options through the Urban app empowers both tenants and landlords, while also delivering a superior customer experience.”
Rashid Al Ghurair, CEO of Urban, said: “The current payment system that landlords and tenants have been forced to contend with has been a burden for too long, with both parties desperate for a better solution. Our partnership with Emirates NBD empowers renters and homeowners, by offering them choice, transparency, and ultimately a better experience. We could not be more excited to be at the forefront of addressing a major point of contention in Dubai’s rental market, by finally making monthly rent payments a reality.”
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 31st March 2020, total assets were AED 692 Billion, (equivalent to approx. USD 188 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Digital Bank in the Middle East’ at the Euromoney Awards for Excellence in 2019, affirming the Bank’s status as a digital banking leader among its regional peers.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 967 branches and 4,323 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
For more information, please visit: www.emiratesnbd.com
Launched in February 2020, Urban is the way for tenants to discover, visit and rent their new homes – all online. It’s reinventing the rental experience by empowering tenants like never before with virtual tours of inspected homes, visits with just their phone and monthly payments.
From a landlord perspective, Urban’s technology helps landlords list properties in their best light, lease them out in a whole new way, and collect rent online.
Urban was developed entirely in the region by a team who shared the frustrations of renters, and with the support of Rashid Al Ghurair, took on the challenge of making the experience of renting joyful rather than painful. To learn more about how Urban is reinventing the rental experience, please visit: gourban.com