Dubai, UAE - 13 November 2007: Abyaar Real Estate Development has gained the newly required (Escrow Account) certification as a property developer from the Dubai Land Department in record time.

The new law requires property developers operating in Dubai to open accounts in designated banks to hold purchasers money in trust until such time as project milestones are reached

According to Abyaar Vice Chairman and Managing Director, Marzooq Al Rashdan, this was achieved because Abyaar submitted all the right documents regarding the company's operations in Dubai to the Dubai Land Department as a complete package.

"This included all the approvals and NOCs from the master developers; all the drawings and master plans for their projects; all the paper work and contracts from all the different contractors, sub contractors and suppliers that Abyaar deal with," he said.

"As a result, Abyaar was one of the first companies to get approved by the Dubai Land Department without any hassles."

He said he appreciated the efforts of the Land Department to make doing business in Dubai as easy as possible, as they work to make it the best city in the world to do business in.  

Chief Executive Officer of Real Estate Regulatory Authority (RERA) Mr. Marwan Bin Gholaitah said Abyaar had set a great example of a leading property development company abiding by all the regulations and presenting all the correct documents with utmost efficiency and professionalism. "This is what we always look for in such companies," he said.

Mr Al Rashdan said Abyaar is fully supportive of the new escrow law since it guarantees the investors money and gives certified real estate companies further credibility in the international property market.

"It is important that Dubai continues on this path of continuous improvement by implementing more laws for the real estate market and if everyone involved abides by the new laws and supports this initiative this will make the real estate market in Dubai the best in the world."

Abyaar is currently negotiating with a number of approved banks to open an escrow account and expects to be able to make an announcement soon on the outcome.

-Ends-

About Abyaar Real Estate Development
Abyaar Real Estate Development is a highly distinct property company - committed to raising the benchmark of Middle East real estate and delivering solid investor insurance. Founded with a capital value of KD 35 million (US $121 million and AED 448 million) - Abyaar is a joint venture between Kuwait's Aayan Leasing and Investment Company, a leading investment player and Al Rashdan Group, a major real estate developer, and other investors.

Abyaar's portfolio will be an impressive collection of exclusive, freehold initiatives, firstly in Dubai and then throughout the GCC.  Investing in real estate in compliance with the rules and provisions of Islamic Shariah, Abyaar will build residential, commercial, retail and hospitality projects finished to the highest European standards, with innovative architecture and aspirational interiors.

'Building Excellence' is the company's guiding principle.  Taking inspiration from the literal Arabic meaning of 'Abyaar'- a 'well', the source - the company's vision is to develop stylish and contemporary destinations that enhance lifestyles. Abyaar is a new breed of developer committed to creating business growth and prosperity.

For more information please contact:
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© Press Release 2007