|19 January, 2020

Emirates NBD partners with Dubai Land for trust account services

Provide banking services to jointly owned properties to protect owners’ interests.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar
UAE – Mubasher: Emirates NBD has inked an agreement with the Real Estate Regulatory Agency (RERA) of Dubai Land Department (DLD) to act as a trustee for the account and provide banking services to jointly owned properties to protect owners’ interests.

The agreement is part of the efforts of Emirates NBD, the first bank in the UAE to partner with the RERA, to form and manage jointly owned properties accounts, according to a press release on Sunday.

Commenting on the partnership, the CEO of RERA, Marwan bin Ghalita, said: “Through this agreement, DLD will create a register for jointly owned properties featuring all information related to the land owned by developers and real estate units meant for independent ownership.”

Meanwhile, senior executive vice president and group head of Corporate & Institutional Banking at Emirates NBD, Ahmed Al Qassim, remarked: “Emirates NBD has closely and extensively worked with DLD and RERA on various initiatives, and today’s Agreement builds on our existing strong relationship. It reaffirms Emirates NBD’s standing as a preferred partner and service provider for public and private entities in the UAE.”

Source: Mubasher

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