Search DubaiPRNetwork.com

Home >> Real Estate & Retail

RERA Partners with CBD to Offer Escrow Services for Owners' Association

Wednesday, August 8, 2018/ Editor -  

Share

Home >> Real Estate & Retail

Dubai, 08 August 2018:   The Real Estate Regulatory Agency at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai (CBD). The agreement focuses on offering escrow account management services to Owners’ Association (OA) communities in Dubai.

The agreement was signed by His Excellency Eng. Marwan Ahmad Bin Ghalita, Chief Executive Officer of RERA and Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Through this agreement, CBD, under the supervision of RERA, will open escrow accounts for Owners’ Association to help regulate the relations and service agreements with property owners. 

HE Eng. Marwan Ahmad Bin Ghalita, Chief Executive Officer of RERA commented, 'We are pleased to sign this agreement with Commercial Bank of Dubai that will act as a trustee for escrow accounts opened in the name of the Owners’ Association. The Bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with RERA regulations. We are always looking to form strong partnerships with leading banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment”.

Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said “CBD is proud to partner with RERA in offering escrow services to Owners’ Association communities, in line with the new law that aims to protect property owners’ rights and assist in minimising any associated risk. The partnership also reinforces our commitment to support Government-backed initiatives in the UAE and to improve upon its real estate industry.”

CBD is recognised as one of the leading cash management solutions Banks in the UAE and is always at the forefront in providing solutions for the governmental sector. CBD was granted the UAE’s ‘Best Cash Management Bank’ award by Banker Middle East in 2017 and 2018.


Previous in Real Estate & Retail

Next in Real Estate & Retail


Home >> Real Estate & Retail Section

Latest Press Release

Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, bef ...

Create a Valentine's meal to remember with LG

Innovative, Adventurous and Accurate. It's what pilots need in a timepiece. And ...

Novel software offers possible reduction in arrhythmic heart disease

Team UAE Set Sights on Nations Cup Qualification at Five Star President of UAE S ...

UAE supermarket chain Al Maya group to launch products from Woolworths Australia

Strong Regional Performance Shows Luxurious Lincoln is a Brand on the Up

The Fall 2019 Michael Kors Collection Runway Show

Furniture brand, helmii, embraces Clean Sleeping as we approach Sleep Awareness ...

The Retail Summit officially opens

ASMAK demonstrates stellar growth momentum ahead of Gulfood 2019

Jaguar Land Rover expands Ingenium family with straight six-cylinder petrol engi ...

Nissan and Groupe Hasnaoui to build new car plant in Algeria

Ajman Free Zone announces official commitment to culture of innovation at “Digit ...

Emirates signs deal for 40 A330-900s, 30 A350-900s

Ethihad Airways to Deploy Latest Generation 787 Dreamliners on all its Flights t ...

The French Tech takes centre stage at the Mobile World Congress 2019 (MWC) in Ba ...

AgraME collaborates with the UN to adopt ‘Sustainable Development Goals' to incr ...

DC Aviation Group completes major maintenance check on Challenger 850 aircraft

Smart Grids could save GCC Billions in infrastructure investment by 2020, says M ...