Umm Al Qaiwain,Feb.12th, 2008 (WAM) -- National Bank of Umm Al Qaiwain (NBQ) signed on Tuesday an escrow account agreement with Dubai Land Department (LD).
Following this appointment, NBQ will be one of the accredited banks in the UAE to provide escrow accounts according to the recently promulgated law No. 8 on property developers in Dubai. NBQ agreement with LD will emphasis the bank?s role in providing the best services to its clients and developers in the real estate sector. ?NBQ is honored to be selected to provide escrow accounts to its portfolio of property developer customers,? Naser Yousef, Head of Wholesale Banking at NBQ commented. ?Through such services NBQ will be one of the major players supporting the new law No. 8 property developers in Dubai, which will lead to raising the standard of the real estate industry and ensure the continuous prosperity of Dubai?s property market,'' he added. This agreement was concluded in accordance to the recently promulgated law No. 8/ 2007 regarding property developers in Dubai, defining that all real estate developers must open an escrow account for their projects with one of the approved banks. All sales proceeds should be deposited in the specific escrow account to be used for projects? completion in order to protect investors / buyers? interest.Copyright Emirates News Agency (WAM) 2008.
