A leading banking group in the region, Emirates NBD has signed an agreement with Dubai Land Department’s (DLD’s) Real Estate Regulatory Agency (RERA), to become an escrow agent to give banking services for properties owned jointly in accordance with the recently implemented law no. (6) of 2019 for jointly managed properties.
Emirates NBD is the first bank in the UAE to collab with RERA following the issuance of the new law. The partnership targets to enhance competitiveness and improve investment in the real estate sector. The new law is applicable to all major real estate development projects and jointly owned properties in Dubai, and covers the management of common areas and facilities.
Emirates NBD will act as a trustee for the account and give banking services with the aim to safeguard owners’ interests and to make sure compliance with real estate procedures and regulations, as per the agreement.
“We are pleased to partner with Emirates NBD to consolidate Dubai’s position as the world’s premier real estate investment destination based on innovation, trust, and happiness. Through this agreement, DLD will create a register for jointly owned properties featuring all information related to the land owned by developers and real estate units meant for independent ownership. RERA and Emirates NBD will work closely to ensure that the Emirate remains a leading real estate destination where the rights and interests of investors are safeguarded and protected.” Said HE Eng. Marwan Bin Ghalita, CEO of RERA.