“Dubai Land Department” approves “International Development” as trustee of the “Escrow Account”

The International Development Bank – UAE Branch has joined the list of banks approved by the Dubai Land Department, following the signing of an agreement under which the bank was appointed as trustee of the escrow account for real estate development projects in the emirate.

The agreement was signed in the presence of the Director General of the Dubai Land Department, Engineer Marwan Ahmed Bin Ghalita, and the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf.

In a statement issued by the department yesterday, Bin Ghalita stressed the importance of strategic partnerships between the public and private sectors in promoting the process of sustainable development in the real estate sector, in line with Dubai’s vision to develop a pioneering and attractive investment environment.

The agreement was signed by the Acting Executive Director of the Real Estate Regulatory Agency of Dubai Land, Mohammed Ali Al-Badwawi, and the Executive Director of the International Development Bank, Hani Idris, after the bank met the legal requirements approved for managing real estate escrow accounts.

The real estate escrow account is the account designated for depositing amounts collected from buyers of real estate units sold off-plan or from financiers of projects. It aims to regulate construction and building operations and guarantee the rights of investors, as all real estate developers in Dubai are required to open escrow accounts to manage real estate projects.

According to the agreement, the International Development Bank is committed to opening an independent escrow account for each real estate development project, and it is allocated exclusively for the purposes of establishing the real estate project to ensure the management of financial resources in a transparent and orderly manner, in line with the systems and procedures followed by the account custodian and the Central Bank.

Al-Badwawi said: “This step represents an extension of the department’s efforts to enhance transparency and protect investors’ rights, as the real estate escrow account contributes to organizing development processes and ensuring the rights of all parties. We are also constantly working to strengthen our partnerships with financial institutions to improve customers’ experience and facilitate procedures in a way that enhances the attractiveness of the real estate market.” In the emirate.

For his part, Khalaf said: “Our partnership with (Dubai Lands) represents a qualitative leap in the International Development Bank’s journey to support the vital real estate sector, and we are committed in the bank to working to achieve the goals of the Dubai Economic Agenda (D33), by providing innovative banking solutions that link the Iraqi markets.” And the Emirates, which contributes to facilitating the flow of investments and enhancing economic cooperation.”