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Abu Dhabi Municipality, Emirates NBD ink trustee agreement

Abu Dhabi City Municipality has signed a real estate projects account trustee agreement with Emirates NBD, authorising the bank to open escrow accounts in the emirate

ADM and Emirates NBD have signed a real estate projects account trustee agreement.
ADM and Emirates NBD have signed a real estate projects account trustee agreement.

Abu Dhabi City Municipality (ADM) has signed a real estate projects account trustee agreement with Emirates NBD, it has been revealed.

In its announcement of the signing, ADM said that the agreement authorises the bank to open escrow accounts in the emirate.

According to the municipality, its partnership with the bank is expected to support sustainable growth and encourage investments in the real estate sector, as well as enhance local economic development.

The agreement will streamline Abu Dhabi’s real estate sector, in addition to updating its procedures and services, and regulating accreditation and registration processes for development projects during the off-plan sale phase, ADM added.

 

Commenting on the partnership, Emirates NBD said in a statement: “The signing of an agreement with Abu Dhabi City Municipality is part of its strategy aimed to strengthen partnership and cooperation with the major institutions.

“It also reflects the bank’s commitment to support the comprehensive development renaissance seen by the Emirate of Abu Dhabi, contribute effectively in establishing and implementing laws regulating the real estate market.”

The bank added: “The agreement also opens up regular investment opportunities in line with sustainability standards and values, and provides real estate trade environment that ensures the highest level of safety and security.”

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Construction Week - Issue 754
Nov 23, 2019