FAB signs escrow agreement with RAK-Rera.
Summary: To allow FAB to open and manage escrow accounts for developers of off-plan property projects in Ras Al Khaimah
Dubai: First Abu Dhabi Bank (FAB), the UAE's largest bank, has signed an escrow agreement with the Real Estate Regulatory Administration in Ras Al Khaimah (RERA-RAK).
According to a statement from the bank on Monday, the agreement will allow FAB to open and manage escrow accounts for developers of off-plan property projects in Ras Al Khaimah.
It complies with the regulations intended to protect real estate buyers and sellers through registering all projects and off-plan sales in Ras Al Khaimah. FAB has a dedicated Escrow Management team under the umbrella of its Global Transaction Banking business.
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