Al Mazaya opens 52 current and 52 escrow accounts for its projects in accordance with law no.8

Al Mazaya, in partnership with Al Mashriq Bank, located in Dubai, has opened 52 current and 52 escrow accounts in which to deposit earnings of each project, whether it be real estate funding or cash payments from buyers, in addition to spending the employed sums in projects.

This step represents the company's compliance with the legislations issued by RERA, including legislation no. (8), which aims to regulate the business of registered real estate companies who undertake on-site selling, as well as real estate insurance agents belonging to RERA.

According to legislation no. (8), each project on the map must be registered with the Real Estate Regulation Authority, while two bank accounts, a current and escrow account respectively, must be opened with an Emirati Bank.

In addition, a consultant certified by RERA must approve project-related costs such as plot values, foundation costs, project management costs, and marketing and sales costs (the funds of which can be drawn from in case of presenting a bail bond).

Speaking about Al Mazaya's move, Omar Hajjaj, Executive Vice President of Finance & Administration at Al Mazaya Holding, said:

"The accountant will submit the statements of each current account, separately, to RERA and to the real estate developer as well. A statement of accounts will also be submitted to the real estate funders and buyers, showing how the accounts are moving. All these accounts are checked by external entities assigned by account inspectors, who in turn are assigned by the real estate developer and a government inspector."

He added: "This move is a very important one for Al Mazaya, on both a monetary and a management level. It not only shows the company's transparency, but also displays its will to keep all official parties, buyers and funding companies well informed about Al Mazaya's activities and performance. In addition, it serves as proof of the trust placed by RERA and government authorities in Al Mazaya's strategies and performance during recent years, with the registration process went swiftly, and without any difficulties."