High Rise Properties opens trust accounts for the Rotating Residence and Dorna projects

Following an agreement signed by High Rise Properties and Dubai Islamic Bank, the Rotating Tower and Dorna Tower become the company's first two developments to have trust accounts.

The new property law, established by His Highness Sheikh Mohammed bin Rashid, aims at protecting the rights of real estate investors. The law requires an escrow account at one of the banks approved by the Real Estate Regulatory Agency (RERA) of the Dubai Land Department.

"High Rise is committed to protect the investments of its clients by applying the new law," said Abdul Hakim Al Tayer, Chairman of High Rise who welcomed the prompt implementation of the new law by his company.

He said, "This law is a clear indication that Dubai will remain the region's business hub and a safe haven for capitals and investments."

On his part, Engineer Faisal Ali Moosa, Chief Executive Officer of High Rise Properties expressed delightedness for opening escrow accounts for the Dorna and Rotating Residence, "We are glad to open trust accounts for the two projects and we will soon announce the opening of escrow accounts for the rest of our projects. This step aims at winning the international credibility that the Dubai-based High Rise Properties is a trusted and reliable firm which will spare no effort to realizing the vision of His Highness Sheikh Mohammad Bin Rashid to place Dubai on the World map as a key player in the international economy," said High Rise CEO.

RERA Chief, Engineer Marwan bin Ghalita said, "By opening trust accounts for two developments, High Rise becomes one of the first real estate companies to open escrow accounts for two of its projects."

Abdulhamid Omar, Manager Real Estate Finance in the Dubai Islamic Bank said, "Dubai Islamic Bank is the first finance institution approved by the Real Estate Regulatory Agency of Dubai Land Department."

Recently, High Rise has participated in the cityscape exhibition held on 16-18 Oct 2007 in Dubai, where it has showcased several developments including the Rotating Residence, Dorna, the Heights, the Wave Business Towers, the Orchid and the recently launched "High Rise Boulevard" development.