ABU DHABI, UAE: 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.

About Aldar

Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.

Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.

Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.

www.aldar.com

About UNB

Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.  

© Press Release 2017