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The Real Estate Regulatory Agency at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai (CBD). The agreement focuses on offering escrow account management services to Owners' Association (OA) communities in Dubai.
The agreement was signed by His Excellency Eng. 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, CBD, under the supervision of RERA, will open escrow accounts for Owners' Association to help regulate the relations and service agreements with property owners.
HE Eng. Marwan Ahmad Bin Ghalita, Chief Executive Officer of RERA commented, "We are pleased to sign this agreement with Commercial Bank of Dubai that 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 The Bank will supervise the owners' contributions that are deposited and withdrawn in accordance with RERA regulations.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".
Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said "CBD is proud to partner with RERA in offering escrow services to Owners' Association communities, in line with the new law that aims to protect property owners' rights and assist in minimising any associated risk. The partnership also reinforces our commitment to support Government-backed initiatives in the UAE and to improve upon its real estate industry."
CBD is recognised as one of the leading cash management solutions Banks in the UAE and is always at the forefront in providing solutions for the governmental sector. CBD was granted the UAE's 'Best Cash Management Bank' award by Banker Middle East in 2017 and 2018.
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