The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, will continue to manage escrow accounts for real estate developers after the Bank renewed its Account Trustee Agreement with Dubai Lands Department (DLD) and Real Estate Regulatory Agency (RERA).
NBAD's role as an accredited bank to service escrow accounts dates back to November 2007, shortly after Dubai adopted Law No. 8 of 2007, Guarantee Accounts of Real Estate Developments in the Emirate of Dubai. The law protects the buyers of off-plan. Under it, buyers would place their payment installments in an Escrow account instead of giving it directly to the developer.
Pursuant to NBAD's agreement with (DLD) on November 21, 2007 the Bank set up its ESCROW Department in June 2008 as a part of Corporate Banking Group-Northern Emirates. Currently NBAD manages 15 ESCROW accounts for various real estate developments in Dubai.
Subsequent to our earlier agreement with Dubai Lands Department, Real Estate Regulatory Agency (RERA) formulated a new Account Trustee Agreement incorporating certain principal changes. The new agreement was signed by Abdulla Ghobash, NBAD's Regional Manager Northern Emirates; and Marwan Bin Ghalita, Chief Executive Officer of Real Estate Regulatory Agency.
"The renewal of this agreement underscores the important role NBAD plays in the property market by offering best solutions with an experienced team," said Mr. Ghobash.
Ahmed Dhaen, NBAD's Head of Corporate Banking Group and the Deputy Regional Manager in Northern Emirates; M.V Varkey, the Manager of Corporate Banking & Escrow Department of NBAD and James Thomson, the Account Relationship Officer of NBAD's Escrow Department also attended the function.
