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ABU DHABI, UAE: Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment and management company, announces the signing of an Escrow agreement with First Abu Dhabi Bank (FAB). The agreement enables Aldar to provide Escrow services for buyers of its newly launched master planned development, Alghadeer, launched yesterday ahead of Cityscape Abu Dhabi.
Talal Al Dhiyebi, Chief Executive Officer at Aldar and Jasim Al Ali, CEO, Real Estate at FAB commented on the importance of the agreement during its signing at Cityscape Abu Dhabi.
Talal Al Dhiyebi, Chief Executive Officer, Aldar, said: “We are pleased to partner with FAB, the largest bank in the UAE, to provide escrow account services for our customers. The introduction of Escrow requirements and our agreement with leading financial institutions not only protects customers, but assists in attracting investors to Abu Dhabi’s real estate market.”
André Sayegh, Deputy Group CEO and Group Head of Corporate and Investment Bankingat FAB said: “As a leading bank in the UAE, our wealth of experience and market-leading capabilities have positioned us as the ideal partner of choice for Aldar. Having provided Escrow services for a range of leading projects in the UAE over the past ten years, we are pleased to be offering bespoke services to Alghadeer buyers, and to support the property sector and the overall economic growth of the Emirate.”
Alghadeer is a new AED10 billion masterplan that will incorporate and greatly enhance one of Aldar’s already established destinations – Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank. Perfectly positioned and equidistant between the cities of Dubai and Abu Dhabi, the 14,408 home Alghadeer masterplan includes villas, townhouses, and apartments. Total residential GFA is set to exceed 1.3 million sqm and will be complemented by office space, retail space, hospitality, education and community amenities.
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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.
About First Abu Dhabi Bank (FAB)
FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.
Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans over 19 countries outside the UAE, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates.
To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.
Based on audited financial information as at December-end 2017, FAB had total assets of AED 669 Billion (USD 182 Billion). FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Financeâ as the safest bank in the UAE and the Middle East, 4th in emerging markets, 17th amongst commercial banks worldwide, and 31st in the world. Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, FAB is set to drive growth forward.
© Press Release 2018
