It formally authorizes Commercial Bank of Dubai as an approved bank for opening and managing Escrow accounts for property developers registered with the Dubai Land Department.
Director General of Dubai Land Department, H.E. Sultan Butti Bin Mijrin and Mr. Faisal Galadari, General Manager, Business Group, Commercial Bank of Dubai attended the signing ceremony, held in the Dubai Land Department Offices, along with other senior officials.
Mr. Faisal Galadari, General Manager, Business Group, Commercial Bank of Dubai said, "Commercial Bank of Dubai is delighted to be one of the banks involved in the property development in Dubai. The signing of the agreement today signifies our commitment to this vital economic sector."
The escrow account trustee agreement complies with Law Number 8 of 2007 issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
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Commercial Bank of Dubai signs escrow account trustee agreement with Dubai Land Department
- United Arab Emirates: Wednesday, September 05 - 2007 at 10:13
- PRESS RELEASE
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Commercial Bank of Dubai has signed the escrow account trustee agreement with Dubai Land Department on 4th September 2007.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, September 05 - 2007 at 10:13 UAE local time (GMT+4)
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