iPhone | iPad
Android
Huawei
In Dubai, temperatures will range between 27°C and 39°C
KT APPDOWNLOAD
NBAD Renews Escrow Agreement in Dubai
Abu Dhabi - The National Bank of Abu Dhabi (NBAD) 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 instalments 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 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.
More news from
Plastic and food waste are on par as the primary material discarded in household waste in the Middle East, according to a survey
Abdullah Ali, founder of Hattrick Football Academy, has devoted over 11 years as a coach, talent scout, and administrator at various local clubs
Earlier this year, Dubai brought in new rules to stop real estate agents from listing fake ads and gave them a deadline to remove all unavailable properties
Scholarships come as a ray of hope for students for whom high costs have been a significant barrier while pursuing desired courses at prestigious institutions
UAE women's cricket team turned their fortunes around with a memorable triumph in Namibia
On possible Russian retaliation, Stoltenberg said there were 'no risk-free options in the war'
With the September 29 parliamentary election less than two weeks away, various parties' campaign events were cancelled and televised election debates postponed