Emirates NBD, a main banking group in the region, has signed an agreement with Dubai Land Departments (DLDs)Real Estate Regulatory Agency (RERA), to emerge as an escrow agent to offer banking services for mutually owned properties accounts in accordance with the currently issued law no. (6) of 2019 for mutually managed properties.

Emirates NBD is the first bank in the UAE to associate with RERA following the issuance of the new law in September 2019, and the partnership objectives to improve competitiveness and develop investment in the real estate sector. The new law applies to all main real estate improvement projects and mutually owned properties in Dubai, and covers the management of common areas and amenities. Following the introduction of the legislation, various groups of stakeholders, such as developers, community management companies, hotel operators, insurers, investors, and owners, are suggested to take steps to make sure their operations are compliant with applicable regulations.

Under the agreement, Emirates NBD will act as a trustee for the account and offer banking services with the intention to protect owners interests and make sure compliance with real estate procedures and regulations. The settlement follows a successful pilot run, carried out by Emirates NBD, on setting up and managing the together owned properties accounts.

HE Eng. Marwan Bin Ghalita, CEO of RERA, said: We are glad to associate with Emirates NBD to consolidate Dubais position as the worlds premier real estate investment destination based on innovation, trust, and happiness. Through this agreement, DLD will create a register for mutually owned properties presenting all data associated to the land owned by builders and real estate units intended for independent ownership. RERA and Emirates NBD will work intently to make sure that the Emirate stays a leading real estate destination where the rights and interests of investors are safeguarded and protected.

Commenting on the announcement, Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD said: Emirates NBD has constantly performed an energetic function in helping the boom and improvement of the UAE real estate sector. We have a set up track record of offering escrow account trustee services for Dubai-based real estate projects for a number of years. Emirates NBD has intently and substantially worked with DLD and RERA on a number of initiatives, and the Agreement builds on our present sturdy relationship. It reaffirms Emirates NBDs standing as a desired partner and service issuer for public and private entities in the UAE.