23 May 2010
ADCB Signs Escrow Account Trustee Agreement with Dubai Real Estate Regulatory Agency (RERA)
Dubai, 23 May 2010: Abu Dhabi Commercial Bank (ADCB) renewed its escrow account trustee registration with the Government of Dubai’s Real Estate Regulatory Agency (RERA). Mr. Colin Fraser, Executive Vice President and Head Wholesale Banking Group at ADCB, and Mr. Marwan Bin Ghalita, Chief Executive Officer at RERA, signed the escrow agreement at the RERA headquarters.
Mr. Colin Fraser from ADCB said: “This agreement represents a significant landmark in our relationship with the Government of Dubai and the confidence which RERA has in the escrow management services of ADCB. The agreement formally authorizes ADCB as an approved Bank for opening and managing Escrow accounts for property developers registered with RERA".
Mr. Fraser added: “ADCB has been managing escrow accounts for real estate projects based in Dubai for the past three years working closely with RERA and providing priority escrow services to the developers and safeguarding the investor’s interest. ADCB is proud to be one of the local banks implementing this key initiative and ensuring the application of a strong and credible escrow structure".
RERA’s CEO, Eng. Marwan Bin Ghulaita commended ADCB’s commitment to keep pace with RERA’s initiatives. The CEO added that right from its inception in 2007; RERA has taken several effective steps towards achieving transparency and creditability in the real estate sector and shall continue playing a major role in the regulation of the real estate market.
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