NBAD signs escrow account agreement with Dubai land department
National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, signed an escrow account agreement with Dubai Land Department (DLD) to be one of the accredited banks to provide escrow accounts according to the recently promulgated law No. 8 property developers in Dubai.
Mr. Abdulla Ghobash, Regional Manager, Northern Emirates, NBAD said: “This agreement comes to underpin the important role played by NBAD in financing real estate sector by offering best solutions with an experienced team to manage the accounts”.
“NBAD’s outstanding loans for real estate sector increased to AED 12.6 billions in 2006 as compared to AED 10.4 billions in 2005. This reflects “The Number One Bank in the UAE” strive to be on pace with the development of the country and finance various sectors to strengthen diversification of UAE economy” he added.
“It will also enhance NBAD’s leading role in providing convenient solutions and best services to our esteemed customers in the real estate sector. In addition, the developers operating in Dubai will be able to use the specialized services of NBAD” Ghobash concluded.
Mr. Juma Mohamed Bin Humaidan, Asst. Director General of Dubai Land Department (DLD) Said: “The wise decision made by HH Sheikh Mohammad Bin Rashid Al Maktoum, UAE vice president, Prime Minister and Ruler of Dubai, to establish an escrow framework for property developers will greatly enhance the confidence of investors in the long term stability of the real estate sector in Dubai. DLD has taken proactive steps to regulate the sector so as to ensure the highest of standards are adhered to while raising the bar and encouraging domestic and international investment alike”.
The law No. 8/ 2007 regarding property developers in Dubai, stipulates that all real estate developers must open an escrow account for their projects with one of the approved banks. All sales proceeds should be deposited in the specific escrow account to be used for projects’ completion in order to protect buyers’ interest. Source
Mr. Abdulla Ghobash, Regional Manager, Northern Emirates, NBAD said: “This agreement comes to underpin the important role played by NBAD in financing real estate sector by offering best solutions with an experienced team to manage the accounts”.
“NBAD’s outstanding loans for real estate sector increased to AED 12.6 billions in 2006 as compared to AED 10.4 billions in 2005. This reflects “The Number One Bank in the UAE” strive to be on pace with the development of the country and finance various sectors to strengthen diversification of UAE economy” he added.
“It will also enhance NBAD’s leading role in providing convenient solutions and best services to our esteemed customers in the real estate sector. In addition, the developers operating in Dubai will be able to use the specialized services of NBAD” Ghobash concluded.
Mr. Juma Mohamed Bin Humaidan, Asst. Director General of Dubai Land Department (DLD) Said: “The wise decision made by HH Sheikh Mohammad Bin Rashid Al Maktoum, UAE vice president, Prime Minister and Ruler of Dubai, to establish an escrow framework for property developers will greatly enhance the confidence of investors in the long term stability of the real estate sector in Dubai. DLD has taken proactive steps to regulate the sector so as to ensure the highest of standards are adhered to while raising the bar and encouraging domestic and international investment alike”.
The law No. 8/ 2007 regarding property developers in Dubai, stipulates that all real estate developers must open an escrow account for their projects with one of the approved banks. All sales proceeds should be deposited in the specific escrow account to be used for projects’ completion in order to protect buyers’ interest. Source
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