DUBAI- The Real Estate Regulatory Agency, RERA, at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai, CBD, focusing on offering escrow account management services to Owners’ Association communities in Dubai.
The agreement was signed by Marwan Ahmad bin Ghalita, Chief Executive Officer of RERA, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai. Through this agreement, Dubai Commercial Bank under the supervision of RERA, will open escrow accounts for Owners’ Association to help regulate the relations and service agreements with property owners.
Commentning on the agreement, Bin Ghalita said, "We are pleased to sign this agreement with Commercial Bank of Dubai which will act as a trustee for escrow accounts opened in the name of the Owners’ Association. The bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with RERA regulations. We are always looking to form strong partnerships with leading banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment".
In turn, Linder said, "The partnership reinforces our commitment to support government-backed initiatives in the UAE and to improve upon its real estate industry."
© Copyright Emirates News Agency (WAM) 2018.
