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Aldar, ADCB signs for first escrow account project.

Aldar Properties has signed its first escrow agreement with Abu Dhabi Commercial Bank (ADCB), the first registered escrow bank in Abu Dhabi.

This agreement will enable Aldar Properties to have escrow accounts for the recently announced Yas Acres, a golf and waterfront development comprising 1,315 villas and townhouses, on Yas Island.

Aldar Properties was the first company to be granted a master developer license under the Abu Dhabi Real Estate Law.

Talal Al Dhiyebi, chief development officer, Aldar, commented:"The signing of this agreement marks another step forward for Aldar Properties as we continue to demonstrate our commitment to compliance with the new Real Estate Law. Our ability to deposit purchaser payments into escrow accounts, provides additional transparency and assurance for our customers, particularly for our newest development Yas Acres."

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Colin Fraser, group head of wholesale banking at ADCB said: "We are very pleased with Aldar's decision to sign their first ever real estate escrow account with ADCB which was a result of a very detailed dialogue and requirements definition exercise between the teams from both sides. The complexity behind managing real estate such accounts requires in-depth experience in this specialist field to be able to offer real estate developers the service level required in such a significant and intricate business. "

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Publication:Construction Week
Date:Apr 14, 2016
Words:229
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