Aldar Properties has signed its first ESCROW Agreement with Abu Dhabi Commercial Bank, the first registered ESCROW bank in Abu Dhabi.
This agreement will enable Aldar Properties to have ESCROW accounts for the recently announced Yas Acres, a golf and waterfront development comprising 1315 villas and townhouses, on Yas Island.
Aldar Properties was the first company to be granted a Master Developer Licence under the Abu Dhabi Real Estate Law.
Talal Al Dhiyebi, Chief Development Officer at Aldar and Colin Fraser, Group Head of Wholesale Banking at Abu Dhabi Commercial Bank expressed the importance of the agreement during its signing at Cityscape.
Talal Al Dhiyebi, Chief Development Officer, Aldar, commented, "The signing of this agreement marks another step forward for Aldar Properties as we continue to demonstrate our commitment to compliance with the new Real Estate Law. Our ability to deposit purchaser payments into ESCROW accounts, provides additional transparency and assurance for our customers, particularly for our newest development Yas Acres."
Colin Fraser, Group Head of Wholesale Banking at Abu Dhabi Commercial Bank said, "We are very pleased with Aldar’s decision to sign their first ever real estate ESCROW account with Abu Dhabi Commercial Bank which was a result of a very detailed dialogue and requirements definition exercise between the teams from both sides. The complexity behind managing real estate ESCROW accounts requires in-depth experience in this specialist field to be able to offer real estate developers the service level required in such a significant and intricate business. Abu Dhabi Commercial Bank possesses an unparalleled real estate escrow management experience and a full grasp of its complexities and our engagement with Aldar on their first escrow account is a clear reflection of our abilities and escrow operations in four emirates in the UAE."