19 April 2009
ADCB Signs Escrow Account Trustee Agreement
Abu Dhabi, 19 April 2009: Abu Dhabi Commercial Bank and Ras Al Khaimah Government, Ras Al Khaimah Investment Authority (RAKIA) have signed the Escrow Account Trustee Agreement, formally authorizing ADCB as an approved Bank for opening and managing Escrow accounts for property developers registered with RAKIA.
Escrow Account Services offered by ADCB takes into consideration the interests of investors and developers, and boosts confidence in the UAE’s property sector. It also enables streamlining the completion of RAKIA requirements for account managing and reporting. ADCB Escrow Account Services offers the convenience of a one-stop shop for Escrow related services including account opening, cheque collections and periodic cash-flow reporting.
Mr.Colin Fraser EVP-Head Wholesale Banking Group of ADCB, said: “This agreement represents a significant landmark in our relationship with the Government of Ras Al Khaimah. ADCB prides itself of providing customized and innovative solutions for its clients. The Escrow Account Services are complemented by ADCB's enhanced client support, service and our complete banking offering in the Ras Al Khaimah market."
RAKIA Executive Chairman, Dr. Khater Massaad said, “We are very pleased with the appointment of ADCB as one of our escrow partner banks for project developments in Ras Al Khaimah. This innovative solution also upholds the interest of investors and increases confidence in the real estate industry.”
The Escrow Account Trustee Agreement comes in line with the Amiri Decree No.22 of 2008 for the creation of the Guarantee Accounts publicized in July 2008 which stated that property developers in Ras Al Khaimah must place project receivables in escrow, or trust, until predetermined milestones are achieved.
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