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 The Bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with RERA regulations.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

Introducing the MK Beach Club Pieces

Emirates MarsUnder the theme of ‘Governance in the Age of Artificial Intelligenc ...

Emirates Mars Mission Science Week to commence in July

du first telco operator in the Middle East to launch 5G mobile devices

Jumeirah College Dubai celebrates remarkable ‘Graduation Day'

Hamilton present Ventura collection

La Grande Vie by Corum

Sophos Boosts Intercept X for Server with Endpoint Detection and Response to Hel ...

From the Big Screen to Real Life: Tag Heuer Unveils New Monaco Limited Edition ...

Top 5 Technology Gift Ideas for Father's Day

Nissan shares vision for future mobility at CES Asia 2019

The Ralph Lauren Purple Label Spring 2020 Collection

Bedroom Decoration and Mattress Myths Debunked by IKEA

Rove At The Park opens doors to a thrilling lifestyle experience in Dubai Parks ...

Begin a new journey at Middlesex University Dubai this September

Your Last Chance to Seize Sofitel the Palm S Unrivaled Summer Offer

Zaki Nusseibeh, UAE Minister of State Upholds Tolerance and Cooperation in Movin ...

An Environmentally Friendly Approach to Interior Design with Home and Soul Dubai

Restoration by Parmigiani Fleurier

Sharjah Chamber Concludes its Participation in the World Chamber Congress in Bra ...