CBD Signs Real Estate Escrow Account Manager Agreement with Abu Dhabi Municipality

CBD Signs Real Estate Escrow Account Manager Agreement with Abu Dhabi Municipality

Commercial Bank of Dubai (CBD), one of the leading banks in the UAE has signed the Mortgage Escrow Account Manager Agreement with Abu Dhabi Municipality, formally authorising CBD as an approved bank for opening escrow accounts for property developers registered with DMA.

The signing ceremony was attended H.E. Engineer Salah Al Sarraj, Acting Executive Director of Town Planning Sector, Ra'ed Abubaker, General Manager - Emirate of Abu Dhabi at Commercial Bank of Dubai, along with other senior officials from ADM and the bank.

The agreement complies with the newly imposed Real Estate law No 3 of 2015 in Abu Dhabi that was issued to adopt the real estate escrow regulations, with the objective of developing the real estate regulations and procedures in Abu Dhabi and protecting various stakeholders through registering all projects and sales.

Commenting on the agreement, Ra'ed Abubaker, General Manager - Emirate of Abu Dhabi at Commercial Bank of Dubai, said: "We are very proud to be one of the very few Dubai banks to sign an escrow account manager agreement with the Department of Municipal Affairs and Transport, to offer the real estate escrow services to our clients in the emirate of Abu Dhabi. This agreement will contribute to facilitate and develop procedures of services relecant to lands and real estate for our clients. We, at CBD, are pleased to provide our clients with the required information to the execution of their transactions, where escrow accounts play a key role in helping to minimize risk and protect clients' assets." Mr. Ra'ed concluded: "CBD, since 2008 has been offering real estate escrow services in Dubai, and we are delighted with this partnership with the emirate of Abu Dhabi to support the implementation of this law."

On his part, H.E. Engineer Salah Al Sarraj, Acting Executive Director of Town Planning Sector confirmed that the application of the regulating law of the real estate market represents an embodiment of the interest of the Department of Municipal Affairs and Transportation to regulate the real estate sector in accordance with the highest international standards so as to provide a legislative umbrella to protect the investors and all stakeholders' interests to the benefit and positivity of the entire real estate sector. Moreover, it motivates attracting investments and enhances the economic development and sustainable growth of the emirate.

With the recent launch of the new real estate escrow account launched in early 2016, CBD’s real estate escrow services have become more efficient for its clients. 

CBD offers specialized escrow agency services, for all its clients, which promotes convenience, and safe banking to both investors and developers. Experts of real estate escrow products in CBD work with the local regulations to provide special services to our clients and a state-of-art banking experience when setting frozen accounts and post implementation services.

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