wasl Asset Management Group, along with several UAE government entities, has announced the launch of a new electronic services system for registering and renewing smart real estate leases using blockchain technology.
The service has been jointly launched with Dubai Land Department (DLD), Dubai Electricity & Water Authority (DEWA), the Smart Dubai Office, Emirates NBD, and the General Directorate of Residency and Foreigners Affairs (GDRFA).
It will provide faster and more secure customer services, introducing an entirely electronic experience.
wasl is approaching its target of offering 100% electronic services, providing access to more transactions through e-gates on mobile phones to avoid visiting wasl offices.
The services is being launched in coordination with the Dubai Land Department, who has played a key role in linking the blockchain network with the various real estate services that wasl provides to its customers.
The system allows customers to renew and register leases, and complete all other contract procedures in a smooth, secure and convenient way using the new technology through wasl’s smart e-gateway.
HE Hesham Abdullah Al Qassim, vice chairman of Emirates NBD and CEO of wasl Asset Management Group, said: “We are delighted to be launching our new network of real estate services using blockchain technology. This project has given wasl Asset Management Group a unique advantage, making us the first real estate service provider in Dubai and indeed the world to adopt this revolutionary technology.
We also praise the diligent efforts made by Emirates NBD to develop smart financial solutions such as issuing and signing smart cheques for rent, which is just one among many innovations that have been driven by the bank’s exceptionally talented technical team.”