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The company is part of ADQ’s transportation and logistics portfolio, which includes Abu Dhabi Airports and Etihad Rail
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Tamweel PJSC named escrow account agent
DUBAI — Tamweel PJSC has been appointed as an official escrow account agent by the Dubai Land Department, the first time a mortgage provider has received the designation.
Working with its large pool of approved partner developers, Tamweel will seek to convert more than 75 real estate developers' current projects in the emirate into an authorised escrow structure.
Under the recently promulgated Law No. 8, property developers in Dubai must place project receivables in escrow, or trust, until predetermined development milestones are achieved. These escrow accounts are regulated by the newly created Real Estate Regulatory Agency, a government entity operating under the umbrella of the Dubai Land Department.
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