Abu Dhabi Commercial Bank first bank to sign Escrow Account Agreement with Department of Municipal Affairs

Abu Dhabi, United Arab Emirates, 23 March 2016:  Following the announcement of the real estate law number (3) of 2015 in the capital, Abu Dhabi Commercial Bank (ADCB) has obtained the first escrow agent registration certificate from the Department of Municipal Affairs (DMA), upon signing the agreement with the governing body.

The real estate law number (3) was issued to adopt the real estate escrow regulations, with the objective of protecting real estate buyers and sellers through registering all projects and off-plan sales in Abu Dhabi.

Commenting on the agreement, Colin Fraser, Head of Wholesale Banking Group at ADCB, said: “We are proud to be the first entity to sign an escrow agreement with the Department of Municipal Affairs. ADCB has been cultivating its efforts since 2007 to provide industry-leading professional services when similar escrow related laws were first announced in Dubai. We will continue to offer our ongoing support to the Municipality and all relevant stakeholders during the implementation of this laws in the capital.”

Colin added: “On behalf of ADCB, I would like to extend our sincere gratitude to the Department of Municipal Affairs for their continuous guidance throughout the registration process.”

The Department of Municipal Affairs said: “As a pioneer in the real estate escrow industry, we are glad to have ADCB register as the first escrow agents with us. The introduction of these laws seek to strengthen the real estate market, thus we are confident in choosing ADCB to help control escrow accounts through its established expertise in this field.”

The main common goals were thoroughly discussed between both parties, highlighting a number of methods to achieve them, which will serve the overall real estate market in Abu Dhabi in particular and the UAE.