ABN AMRO announced the launch of its new escrow account on Sunday at the official signing of the Escrow Account Agreement with the Real estate regulatory agency (RERA) at the Land Department (LD).
The agreement authorises ABN AMRO as an approved bank, to open and manage escrow 'trust' accounts for property developers registered with RERA. This is in accordance with the regulations of Law No. 8 issued in 2007 by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Attending the signing ceremony was Sultan Butti Bin Mejren, the Director General of the Land Department, and Mr Farrukh Zain, ABN AMRO's Head of Business Banking, UAE and Mr Hemant Patel, Head of Corporate Sales, Transaction Banking UAE.
Mr Bin Mejren added: "The department and RERA both seek to increase the services provided to its clients and by signing ABN AMRO as one of the trust account managers they will be offering investors more options and a greater say in who is to manage their projects according to which financial institute they trust and what best suits their needs. Given the interest from buyers in the most developed markets it is crucial that Dubai is able to offer them the reassurance of a strong credible system backed by a sound legal framework and professional bodies in the sector.
Speaking at the ceremony Mr Zain commented: "We are delighted to be one of the few international banks to support this key initiative with the LD at such an early stage. We are responding to an integral local market need in the property sector and our escrow account helps to provide security and transparency to both property investors and developers alike".
Zain added: "We have the capability, technology and the right people to offer a competitive and efficient product in line with the current market requirements".
The escrow product reflects ABN AMRO's vision to offer innovative, added value products and services that meet the growing needs of business today. The account will provide comprehensive services to developers including management of project receivables, guidance on completion of Lands Department formalities, account opening services as well as balance management services.
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Notes to Editors:
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 1,120.1 bln (as at 30 June 2007). It has more than 4,000 branches in 53 countries, and has a staff of more than 99,000 full-time equivalents worldwide. ABN AMRO was acquired by the Consortium of RBS, Fortis and Santander in October 2007 and its various businesses will be divided among the three banks.
ABN AMRO United Arab Emirates
ABN AMRO has been present in the United Arab Emirates since 1973, offering comprehensive financial services including: Consumer Banking, Business and Commercial Banking, Private Banking, and Corporate and Institutional Banking. With 1,500 staff, ABN AMRO operates in the United Arab Emirates with three branches in Dubai, Abu Dhabi and Sharjah, while also serving as the regional hub for the Middle East.
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© Press Release 2008
