NBD appointed escrow account bank

by Lynne Roberts Tuesday, 04 September 2007

The Dubai Land Department (DLD) has signed an escrow account agreement with the National Bank of Dubai (NBD).

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The agreement allows NBD to provide escrow accounts designed to protect consumer payments on new and in the pipeline properties in the Emirate.
As a result of the appointment NBD will be the only bank in the UAE to offer Escrow Accounts both within conventional and Islamic banking.

NBD will also offer view-only access to property developer customers and the DLD for escrow accounts held within the bank.

Rajesh Thapar, group head of corporate and institutional banking, NBD said “National Bank of Dubai is honoured to be selected as one of the few banks in the UAE to provide escrow accounts to its portfolio of property developer customers. Through such services NBD is supporting Government initiatives to raise the standard of the real estate industry and ensure the continued prosperity of Dubai’s property market.”

Under recent law, property developers in Dubai must place project receivables in escrow, or trust, until predetermined development milestones are achieved and independently verified by the escrow account bank. Escrow accounts are regulated by the Dubai Land Department.

Director General of the DLD Sultan Butti Bin Mejren said the new framework “will greatly enhance the confidence of investors and end users in the long-term stability of the real estate sector in Dubai.”



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