- On 20/03/2017
The Abu Dhabi City Municipality and Al Masraf (Arab Bank for Investment and Foreign Trade) signed a Mortgage Escrow Account Manager Agreement, under which Al Masraf is officially authorized to open escrow accounts in the Emirate of Abu Dhabi.
The Agreement was signed on behalf of Abu Dhabi City Municipality by engineer Abdul Wahab Aida Al Jabri, Acting Executive Director of Municipal Services; and by Faisal Galadari, Chief Executive Officer on behalf of Al Masraf. Present at the signing ceremony were Hussein Al Junaibi, Director of Real Estate Registration, Abu Dhabi City Municipality; Ahmed Alrefaei, Chief Operations Officer at Al Masraf and a number of executives from both parties.
Commenting on the Agreement, engineer Abdul Wahab Aida Al Jabri, Acting Executive Director of Municipal Services, said: “The implementation of resolution governing the real estate market epitomizes the keenness of the Department of Municipal Affairs and Transport to streamline the real estate sector. It reflects the efforts to nurture a disciplined investment climate governed by clearly defined rules and standards responsive to the needs of the real estate market and professionals. It also reflects the keen interest of Abu Dhabi City Municipality to safeguard the rights of all parties involved in the estate sector and will have a positive bearing on all parties besides guaranteeing the rights of all parties of the real estate sector.”
“The Municipality has made great strides in issuing developer licenses to practice real estate activity and registering account trustees at banks to implement project escrow accounts under the new rules and regulations. The civic body has designated working teams to enforce the law in accordance with Resolution No. 39 issued by HE Musabbah Mubarak Al Murar, Acting General Manager of Abu Dhabi City Municipality, to enforce the Real Estate Law No. 3 of 2015,” he continued.
“Out of its keenness on establish closer ties with the UAE’s flagship banks, the Municipality signed this agreement with Al Masraf to foster partnerships ties with national institutions, supervise all activities relating to land and real estate sector. The agreement supports sustainable growth, attracts investments to the real estate sector, enhances the local economic development and raises the competitive edge of the emirate’s economy. Therefore, it is a pleasure to register Al Masraf as a real estate escrow accounts manager in Abu Dhabi emirate, given its long experience in laws and in-depth knowledge of the real estate market & its needs in addition to its capability to offer the banking services required for developing this vital sector,” added the Acting General Manager of Abu Dhabi City Municipality.
On this occasion, Al Masraf stated that the Agreement signed with Abu Dhabi City Municipality was part of its strategy aimed at bolstering partnership and cooperation with major institutions. It also comes as part of its commitment to support the sweeping development drive witnessed by the Emirate of Abu Dhabi. The Bank believes that the Agreement contributes effectively to enforcing laws governing the real estate market, availing regular investment opportunities as per the standards and values of sustainability, and nurturing real estate trading environment at par with the highest safety and security standards.
The Agreement contributes to streamlining the real estate sector in Abu Dhabi emirate, and upgrading land and real estate procedures & services in a comprehensive manner. In particular, it regulates the process of approving and registering units in property development projects in the emirate during the off-plan sale phase, in a way that protects to the interests of investors and all related parties.
Ahmed Alrefaei, Chief Operating Officer of Al Masraf expressed his delight with the collaboration with the Abu Dhabi City Municipality in signing this Agreement, which will streamline transactions and services related to land and real estate on offer to investors and all related parties.
By signing this Agreement, Al Masraf aims to provide mortgage escrow accounts, financial solutions and associated services to its customers and developers, which contributes to maintaining the interests of investors & developers; which will boost the confidence in real estate operations, and contributes to supporting the urban boom taking place in the United Arab Emirates.