UNB signs escrow account agreement with Dubai Land Department

Following this appointment, UNB will be one of the accredited banks in the UAE to provide escrow accounts according to the recently promulgated law No. 8 regarding property developers in Dubai.

The signing ceremony took place in the presence of Mr Juma Mohamed Bin Humaidan - Asst. Director General of DLD and Mr. Aladdin El Khudary SVP & Head of Real Estate Finance Division at UNB.

UNB is ranked amongst the top banks in terms of real estate finance providers in the UAE offering a suite of real estate finance solutions with an experienced team to manage the accounts. This agreement with DLD will enhance UNB's leading role in providing convenient solutions and best services to its clients in the real estate sector as well as the developers operating in Dubai who will be able to use the specialized services of UNB.

"UNB is honored to be selected to provide escrow accounts to its portfolio of property developer customers," Mr. Aladdin El Khudary SVP & Head of Real Estate Finance Division at UNB commented. "Through such services UNB is supporting government initiatives to raise the standard of the real estate industry and ensure the continuous prosperity of Dubai's property market."

This agreement was concluded in accordance to the recently promulgated law No. 8/2007 regarding property developers in Dubai, defining that all real estate developers must open an escrow account for their projects with one of the approved banks. All sales proceeds should be deposited in the specific escrow account to be used for projects' completion in order to protect investors / buyers' interest.

Mr. Juma Mohamed Bin Humaidan - Asst. Director General of DLD commented: "The decision made by HH Sheikh Mohammad Bin Rashid Al Maktoum, UAE vice president, Prime Minister and Ruler of Dubai to establish an escrow framework for property developers will greatly enhance the confidence of investors and end users in the long term stability of the real estate sector in Dubai. DLD has taken proactive steps to regulate the industry to ensure the highest of standards are adhered to while raising the bar and encouraging domestic and international investment alike."