02 September 2007
ADCB Signs Escrow Account Trustee Agreement with Dubai Land Department
Abu Dhabi, 30 August 2007: ADCB and Dubai Land Department today signed the Escrow Account Trustee Agreement, formally authorizing ADCB as an approved Bank for opening and managing Escrow accounts for property developers registered with the Land Department in the Emirate of Dubai. The signing ceremony, held in the Dubai Land Department Offices was attended by Director General of Dubai Land Department, Mr. Sultan Butti Bin Mijrin and Head, Business Banking Group of ADCB, Mr. Sarie Arar.
ADCB distinctively presents Escrow Account Services to its existing customer base and prospect clients. This innovative product offered by ADCB takes into consideration the interests of investors and developers, and boosts confidence in the UAEís real estate industry. It streamlines account opening formalities, facilitates usage of the escrow accounts, and offers assistance on the accomplishment of Dubai Land Department requirements.
Eirvin Knox, Chief Executive Officer of ADCB, said: ďThis agreement represents a significant landmark in our exceptional relationship with the Government of Dubai. ADCB prides itself of providing customized and innovative solutions for specific customer segments. The Escrow Account Services are complemented by ADCB's enhanced client support and value-added services."
The Escrow Account Trustee Agreement comes in line with Law No. 8 issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
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