Aldar Properties partners with union National Bank to provide escrow

Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, has signed an agreement with Union National Bank to provide ESCROW account services for Water’s Edge buyers. The partnership will enable Aldar to utilise ESCROW facilities for the recently announced waterfront development, and Yas Island’s first mid-market property, which comprises 2,255 apartments.

Talal Al Dhiyebi, Chief Development Officer, Aldar, commented: "Aldar Properties was the first company to be granted a Master Developer License under the Abu Dhabi Real Estate Law, and this agreement marks our third ESCROW account project. This demonstrates our continued commitment to compliance with the real estate law, and to providing our customers with the greatest possible transparency. As a waterfront, mid-market apartment development, we are pleased with the strong demand for Water’s Edge, and are confident that the ESCROW accounts with UNB will further support this."

Hany Youssef, EVP Corporate and Commercial Business at Union National Bank said: "We are very pleased to partner with Aldar for Water’s Edge ESCROW accounts. UNB has demonstrated its commitment to protecting customers during the course of our 35-year operations. The successful implementation of the Escrow bears testament to UNB’s strategy to provide convenience and updated services & solutions to all our customers, and will also support Abu Dhabi’s growing real estate market.

The agreement was signed at Cityscape Global in Dubai, where Aldar is exhibiting for the first time. It is among the most influential real estate events, offering engagement opportunities with international audiences, highlighting iconic architecture, significant developments and investment opportunities.