CBD will act as a trustee for escrow accounts opened in the name of Dubai’s Owners Associations
The Real Estate Regulatory Agency (RERA) has partnered with the Commercial bank of Dubai (CBD) to offer escrow account management services to Owners Association (OA) communities in Dubai. The deal was signed by RERA CEO Marwan Ahmad Bin Ghalita and Dr. Bernd van Linder, chief executive of CBD.
As per the terms of the agreement, the CBD under the supervision of RERA, will open escrow accounts for OAs to help regulate the relations and service agreements with property owners. Bin Ghalita said this agreement will see CBD act as a trustee for escrow accounts opened in the name of the OAs.
“The bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with RERA regulations. We’re always looking to form strong partnerships with top banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment,” he noted.
Dr van Linder added, “CBD is proud to partner with RERA in offering escrow services to OA 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.”