Abu Dhabi City Municipality, Al Masraf sign Mortgage Escrow Account Manager Agreement

ABU DHABI, — The Abu Dhabi City Municipality and Al Masraf Arab Bank for Investment and Foreign Trade (Al Masraf) signed a Mortgage Escrow Account Manager Agreement, under which Al Masraf is officially authorised to open escrow accounts in the Emirate of Abu Dhabi.

Signed by engineer Abdul Wahab Aida Al Jabri, Acting Executive Director of Municipal Services; Abu Dhabi City Municipality, and Faisal Galadari, Chief Executive Officer Al Masraf, the agreement contributes to streamlining the real estate sector in Abu Dhabi emirate, and upgrading land and real estate procedures and services in a comprehensive manner. In particular, it regulates the process of approving and registering units in property development projects in the emirate during the off-plan sale phase, in a way that protects to the interests of investors and all related parties.

Commenting on the Agreement, Abdul Wahab Al Jabri said: “The Municipality has made great strides in issuing developer licenses to practice real estate activity and registering account trustees at banks to implement project escrow accounts under the new rules and regulations. The civic body has designated working teams to enforce the law in accordance with Resolution No. 39 issued by Musabbah Mubarak Al Murar, acting General Manager of Abu Dhabi City Municipality, to enforce the Real Estate Law No. 3 of 2015.” On this occasion, Galadari stated that the agreement signed with Abu Dhabi City Municipality was part of its strategy aimed at bolstering partnership and cooperation with major institutions. It also comes as part of its commitment to support the sweeping development drive witnessed by the Emirate of Abu Dhabi.

” The Bank believes that the Agreement contributes effectively to enforcing laws governing the real estate market, availing regular investment opportunities as per the standards and values of sustainability, and nurturing real estate trading environment at par with the highest safety and security standards,” he added.

Ahmed Alrefaei, Chief Operating Officer of Al Masraf Bank, expressed his delight with the collaboration with the Abu Dhabi City Municipality in signing this Agreement, which will streamline transactions and services related to land and real estate on offer to investors and all related parties.

Source: Emirates News Agency