Latest news with #EmiratesDevelopmentBank
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Announces New Mortgage Procedures
The UAE has announced new mortgage plans to slash bureaucracy and support real estate efficiency. In a move toward seamless government services in the UAE, the Ministry of Energy and Infrastructure (MoEI) held its inaugural Customer Council meeting to overhaul the mortgage release procedure following loan repayment. The initiative—part of the Ministry's Smart Government agenda—brings together federal and local authorities, the Emirates Development Bank, and end-users to pinpoint bottlenecks and co-design a streamlined process. Council participants identified key hurdles that traditionally burdened homebuyers: Multiple required visits to various entities Inconsistent document checklists across emirates Lack of digital integration, prolonging case closures Under the new model, piloting in Ajman before nationwide rollout, all direct debit cancellations will be automatically processed by Emirates Development Bank as soon as a loan is cleared. Physical trips to collect loan guarantees are eliminated in participating emirates, and digital connectivity between MoEI, Emirates Development Bank, and Ajman's Department of Land and Real Estate Regulation ensures instant notifications once transactions finalise. These combined enhancements shrink the service timeline from several days to just one working day from repayment. In concrete terms, customers will no longer need the previous six documents nor make the five visits once deemed unavoidable—achieving a 100 percent reduction in procedural steps. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, said: 'The Customer Council meeting aligns with the UAE Government's vision of building flexible and smart government services that place the customer at the heart of improvement and development. 'It reflects our commitment to involving customers in decision-making and enhancing transparency. The proposed solutions today are based on actual needs that have been identified and analysed within the framework of the Government Accelerators. 'We believe that achieving zero bureaucracy can only be realised through digital integration, streamlined procedures, and the elimination of unnecessary requirements—goals we have already begun to achieve through this initiative. 'The Ministry will continue working with its strategic partners to translate the outcomes of this council into concrete, actionable improvements that enhance customer satisfaction and elevate the UAE's global rankings in government service efficiency.' Echoing this, Mohammed Bin Taliah, Chief of Government Services of the UAE Government, noted that the mortgage release service after loan repayment represents a significant leap in the level of integration between federal and local entities. Omar bin Omair Al Muhairi, Director-General of the Department of Land and Real Estate Regulation in Ajman, stated that participation in the first customer council on mortgage release procedures comes as part of the strategic partnership with MoEI and in continuation of joint efforts to shape the future of the real estate sector and enhance the efficiency of government work through proactive service packages that keep pace with rapid development. Also Read: UAE Leads World in Mobile Shopping in 2025, With 67 Per Cent Using Phones to Shop
Arabian Business
3 days ago
- Business
- Arabian Business
UAE announces new mortgage procedures
The UAE has announced new mortgage plans to slash bureaucracy and support real estate efficiency. In a move toward seamless government services in the UAE, the Ministry of Energy and Infrastructure (MoEI) held its inaugural Customer Council meeting to overhaul the mortgage release procedure following loan repayment. The initiative—part of the Ministry's Smart Government agenda—brings together federal and local authorities, the Emirates Development Bank, and end-users to pinpoint bottlenecks and co-design a streamlined process. UAE mortgage procedures Council participants identified key hurdles that traditionally burdened homebuyers: Multiple required visits to various entities Inconsistent document checklists across emirates Lack of digital integration, prolonging case closures Under the new model, piloting in Ajman before nationwide rollout, all direct debit cancellations will be automatically processed by Emirates Development Bank as soon as a loan is cleared. Physical trips to collect loan guarantees are eliminated in participating emirates, and digital connectivity between MoEI, Emirates Development Bank, and Ajman's Department of Land and Real Estate Regulation ensures instant notifications once transactions finalise. These combined enhancements shrink the service timeline from several days to just one working day from repayment. In concrete terms, customers will no longer need the previous six documents nor make the five visits once deemed unavoidable—achieving a 100 percent reduction in procedural steps. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, said: 'The Customer Council meeting aligns with the UAE Government's vision of building flexible and smart government services that place the customer at the heart of improvement and development. 'It reflects our commitment to involving customers in decision-making and enhancing transparency. The proposed solutions today are based on actual needs that have been identified and analysed within the framework of the Government Accelerators. 'We believe that achieving zero bureaucracy can only be realised through digital integration, streamlined procedures, and the elimination of unnecessary requirements—goals we have already begun to achieve through this initiative. 'The Ministry will continue working with its strategic partners to translate the outcomes of this council into concrete, actionable improvements that enhance customer satisfaction and elevate the UAE's global rankings in government service efficiency.' Echoing this, Mohammed Bin Taliah, Chief of Government Services of the UAE Government, noted that the mortgage release service after loan repayment represents a significant leap in the level of integration between federal and local entities. Omar bin Omair Al Muhairi, Director-General of the Department of Land and Real Estate Regulation in Ajman, stated that participation in the first customer council on mortgage release procedures comes as part of the strategic partnership with MoEI and in continuation of joint efforts to shape the future of the real estate sector and enhance the efficiency of government work through proactive service packages that keep pace with rapid development.
Zawya
3 days ago
- Business
- Zawya
UAE: MoEI organises first customer council on mortgage release procedure after loan repayment
The Ministry of Energy and Infrastructure (MoEI) organised its first customer council meeting dedicated to discussing the mortgage release procedure after loan repayment. The meeting aimed to enhance transparency, improve service efficiency, and gather feedback from beneficiaries. This initiative reflects the Ministry's commitment to customer-centric service development and continuous improvement of housing-related procedures in line with national smart government goals. Drawing the participation of representatives of federal and local government entities, Emirates Development Bank, and a host of customers, the council discussed the main challenges that previously hindered the ease of the mortgage release procedure. These challenges included the need for multiple visits, variations in required documents across emirates, and the lack of digital integration between relevant entities. These factors prolonged the customer journey and increased the procedural burden. The council members presented the new integrated model of the enhanced customer journey, designed in line with digital government principles. The model represents a shift from a traditional service approach to a seamless experience based on flexibility and excellence. Initially, the new model will be implemented in Ajman before it expands to other emirates. Key improvements include automatic cancellation of direct debit by the Emirates Development Bank upon repayment by the customer, without the need for manual intervention. The new model also eliminates the need for in-person visits in certain emirates to collect loan guarantees, further simplifying the process for customers. Additionally, the initiative activates digital integration between the Ministry, the bank, and the Department of Land and Real Estate Regulation in the Government of Ajman, enabling automatic notification of all concerned parties upon transaction completion. These changes significantly reduce the service completion time to just one working day from the date of repayment. Overall, these enhancements reflect a fundamental transformation in the service delivery cycle. The new mortgage release service represents a practical model of governmental integration, where such collaboration has helped reduce the customer journey by up to 100 percent, by cutting the number of visits from 5 to 0, and the required documents from 6 to 0. This transformation reflects the UAE Government's commitment to implementing the principles of Zero Bureaucracy and turning government services into seamless, customer-centric experiences. Addressing council members and participants, Eng. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, said, 'The Customer Council meeting aligns with the UAE Government's vision of building flexible and smart government services that place the customer at the heart of improvement and development. It reflects our commitment to involving customers in decision-making and enhancing transparency. The proposed solutions today are based on actual needs that have been identified and analysed within the framework of the Government Accelerators.' He added, 'We believe that achieving zero bureaucracy can only be realised through digital integration, streamlined procedures, and the elimination of unnecessary requirements—goals we have already begun to achieve through this initiative. The Ministry will continue working with its strategic partners to translate the outcomes of this council into concrete, actionable improvements that enhance customer satisfaction and elevate the UAE's global rankings in government service efficiency.' Eng. Mohammed Bin Taliah, Chief of Government Services of the UAE Government, emphasised that customer councils are a key pillar in the efforts to achieve zero bureaucracy, as they represent the voice of the customer and serve as a direct source for understanding real-world challenges. This, he noted, contributes to redesigning government services in a more simplified, flexible, and efficient manner. He noted that the mortgage release service after loan repayment represents a significant leap in the level of integration between federal and local entities. Eng. Omar bin Omair Al Muhairi, Director-General of the Department of Land and Real Estate Regulation in Ajman, stated that participation in the first customer council on mortgage release procedures comes as part of the strategic partnership with MoEI and in continuation of joint efforts to shape the future of the real estate sector and enhance the efficiency of government work through proactive service packages that keep pace with rapid development.
Zawya
11-06-2025
- Business
- Zawya
MBRIF concludes its Ninth Innovation Accelerator Cohort with Demo Day spotlighting top startups across key sectors
Dubai, UAE: The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative by the UAE Ministry of Finance to foster innovation and support innovators across the UAE, held its Demo Day to showcase the groundbreaking innovations presented by members of Cohort 9 from its Innovation Accelerator Program. The event featured innovative companies operating in the UAE and globally, aiming to expand their presence in the country. These companies represent key sectors such as health, transport, education, technology, clean energy, water, and space. The participating startups competed for three awards: Best Pitch, Best UAE Homegrown Business and Most Impactful Business. The event commenced with welcome remarks by Shaker Zainal, Head of Mohammed Bin Rashid Innovation Fund (MBRIF) and Chief Business Officer at Emirates Development Bank, and a keynote address by H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, followed by creative and innovative presentations delivered by member companies. Commenting on the occasion, Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for the Support Services Sector at the UAE Ministry of Finance, and the Ministry's representative at the Mohammed Bin Rashid Innovation Fund, said: "We are proud to celebrate the achievements of the ninth cohort members of the Innovation Accelerator Program, whose contributions and presentations clearly reflected our aspirations for the National Innovation Strategy. Their outstanding efforts highlight the incredible potential of innovative businesses to shape the future of the UAE's economy." She continued: "At the Mohammed Bin Rashid Innovation Fund, we are committed to providing comprehensive support to these companies through tailored mentorship, strategic networking opportunities, and world-class resources. This approach ensures that they are well-equipped to grow, excel, and compete on a global scale." Fatima Alnaqbi concluded by congratulating all participating members and award winners, adding: "We look forward to supporting these companies as they continue their journey toward new heights of success and innovation." A distinguished panel of judges was responsible for analyzing and evaluating the creative and innovative presentations that the startups delivered. It included Ali AlMajthoob, Managing Director at MEVP; Ivo Detelinov, General Partner at Salica Investments; and Karim Konsowa, Portfolio Manager at Hub71. The evaluations focused on showcasing the unique strengths and promising potential of the participating companies in both local and global markets. At the end of the Demo Day event, the distinguished judges presented the awards to the winners. The Best Pitch Award was won by Aura, while the Best UAE Homegrown Business Award went to Mantas. The Most Impactful Business Award was awarded to Neuroblast. The MBRIF Innovation Accelerator Program continues to position itself as a key enabler of entrepreneurship and innovation in the UAE, driving the growth of innovative startups across vital sectors in alignment with the UAE's National Innovation Strategy. The program provides its members with specialised mentorship, industry insights, and global networking opportunities to enhance their competitive capabilities and expand their businesses. The Demo Day serves as a pivotal platform for startups to showcase their innovations to a select group of investors, offering them valuable exposure, funding opportunities, and the tools to accelerate their growth sustainably. About the MBRIF: The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity. The MBRIF's second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE's economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale. Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE.
TECHx
11-06-2025
- Business
- TECHx
MBRIF Hosts Demo Day to Spotlight Cohort 9 Startups
Home » Startups » MBRIF Hosts Demo Day to Spotlight Cohort 9 Startups The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative by the UAE Ministry of Finance, announced the successful completion of its Demo Day event. The event showcased innovations from members of Cohort 9 of its Innovation Accelerator Program. MBRIF revealed that the Demo Day aimed to highlight groundbreaking projects from startups operating in the UAE and globally. These companies are looking to expand their presence in the country and represent key sectors including health, transport, education, technology, clean energy, water, and space. The startups competed for three key awards: Best Pitch Best UAE Homegrown Business Most Impactful Business The event began with welcome remarks from Shaker Zainal, Head of MBRIF and Chief Business Officer at Emirates Development Bank. A keynote address followed, delivered by H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank. Member companies delivered innovative presentations, showcasing their creativity and market potential. The Ministry of Finance's representative at MBRIF, Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for the Support Services Sector, praised the achievements of Cohort 9. She reported that the presentations aligned with the goals of the UAE's National Innovation Strategy. Alnaqbi emphasized MBRIF's ongoing commitment to support startups through tailored mentorship, strategic networking, and world-class resources. She added that this support equips startups to grow and compete on a global scale. Alnaqbi congratulated all participants and noted MBRIF's readiness to continue backing their journey. A panel of industry experts evaluated the pitches. The judges included: Ali AlMajthoob, Managing Director at MEVP Ivo Detelinov, General Partner at Salica Investments Karim Konsowa, Portfolio Manager at Hub71 The judges focused on the strengths and potential of each company in both local and global markets. At the end of the event, MBRIF announced the award winners. Aura received the Best Pitch Award. Mantas was named Best UAE Homegrown Business. Neuroblast won the Most Impactful Business Award. MBRIF reported that its Innovation Accelerator Program continues to serve as a key driver of innovation and entrepreneurship in the UAE. The program supports startups in vital sectors and aligns with national strategies to foster innovation. The Demo Day provided a platform for startups to connect with investors, gain exposure, and access growth opportunities. MBRIF affirmed its role in offering mentorship, insights, and global networking to help startups scale sustainably.
