Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has signed an escrow agreement with the Real Estate Regulatory Administration in Ras Al Khaimah (RERA-RAK). The agreement allows the bank to open and manage escrow accounts for developers of off-plan property projects in the Emirate of Ras Al Khaimah.

The agreement was signed by HE Munther Mohammed Bin Shekar, Director-General of RAK Municipality and Manoj Menon, Senior Managing Director and Head of Global Transaction Banking at FAB.

The signing ceremony was held at the offices of RAK Municipality and also attended by Mohamed Ali, Managing Director and Head of Cash Management Solutions and Advisory, Varkey M.V., Executive Director and Head of Escrow Management at FAB, alongside other senior officials from the bank and RERA-RAK.

The agreement complies with the Amiri Decree No. 22 of 2008 and No. 10 of 2014 concerning Guarantee Accounts of Real Estate Development in the Emirate of Ras Al Khaimah, which was issued to implement new real estate escrow regulations, with the objective of protecting real estate buyers and sellers through registering all projects and off-plan sales in Ras Al Khaimah.

Commenting on the agreement, Manoj Menon, said: “We are pleased to sign this escrow agreement, which will provide security, stability and transparency in the real estate market, increasing investor confidence. FAB’s decade of experience in escrow services enables us to provide focused support to the property sector, which will in turn promote the economic vision of Ras Al Khaimah. We look forward to working closely with developers and investors across the Emirate and providing new opportunities for our valued customers.”

H.E. Munther Mohammed Bin Shekar, said: “The Laws regulating the real estate market in Ras Al Khaimah are a direct result of the efforts of the Real Estate Regulatory Administration to standardise the real estate sector in line with the highest global standards, in addition to providing a legislative umbrella to protect investors and stakeholders. Our efforts are aimed at attracting investments and enhancing the economic development and sustainable growth of the Emirate and our partnership with First Abu Dhabi Bank will help us in achieving our long-term goals.”                                   

FAB has a dedicated Escrow Management team under the umbrella of its Global Transaction Banking business. FAB has been successfully managing escrow accounts in Dubai for almost a decade and in Abu Dhabi since January 2016 upon the announcement of the respective escrow laws. FAB also provides commercial escrow services primarily for substantial merger and acquisition deals.

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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.

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Sahar Makki

Weber Shandwick MENA

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© Press Release 2018