High Rise Properties LLC signs agreement with Emirates Islamic Bank to open escrow account for the 'Orchid'

Property law number 8 of 2007, established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, 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.

Following an agreement signed yesterday by High Rise Properties and Emirates Islamic Bank, the Orchid will be the company's third development to have a trust account.

"High Rise is committed to abide by the new law and protect the investments of its clients," said Abdul Hakim Al Tayer, chairman of High Rise who called other real estate companies to abide by the new law. He said, "The implementation of the new law will contribute in the attraction of foreign investments into Dubai, a city which will maintain its leading position as the oasis of investments and the region's business hub."

On his part, Engineer Faisal Ali Moosa, chief executive officer of High Rise Properties expressed satisfaction for opening a trust account for the Orchid, "We are satisfied for the quick response and the achievements we made in applying the new law."

"After Dorna and the Rotating Residence, the Orchid is High Rise third project to have trust account, and escrow accounts for the rest of our projects will be opened soon," he concluded.

Commenting on the agreement, Mr. Faisal Aqil, General Manager Retail Banking, Emirates Islamic Bank said: "Being at the forefront of financial services innovation and ensuring its reach to our target segment has always been a priority for us. Signing of the escrow account agreement with High Rise Properties is a matter of pride for us given their impeccable industry credentials and we are happy to bring our innovative escrow account services to High Rise Properties."

RERA Chief, Engineer Marwan Bin Ghalita said that by opening trust account for the Orchid, High Rise becomes one of few real estate companies to open escrow accounts for three projects in very short time.