Aldar Properties, a leading listed property development company in Abu Dhabi, UAE, has signed an agreement with Union National Bank (UNB) to provide escrow account services for the buyers of its waterfront project Water’s Edge.

The partnership will enable Aldar to utilise escrow facilities for the recently announced waterfront development, and Yas Island’s first mid-market property, which comprises 2,255 apartments, said Talal Al Dhiyebi, the chief development officer, after signing the deal with Hany Youssef, the executive vice-president (corporate and commercial business) at UNB on the sidelines of Cityscape Global expo in Dubai.

This year, Aldar is making its debut at the most influential real estate events in the region.

On the deal, Al Dhiyebi, said: "Aldar Properties was the first company to be granted a master developer licence under the Abu Dhabi Real Estate Law, and this agreement marks our third escrow account project."

"This demonstrates our continued commitment to compliance with the real estate law, and to providing our customers with the greatest possible transparency," he remarked.

"As a waterfront, mid-market apartment development, we are pleased with the strong demand for Water’s Edge, and are confident that the escrow accounts with UNB will further support this," stated Al Dhiyebi.

Youssef said: "We are very pleased to partner with Aldar for Water’s Edge escrow accounts. UNB has demonstrated its commitment to protecting customers during the course of our 35-year operations."

"The successful implementation of the escrow bears testament to UNB’s strategy to provide convenience and updated services and solutions to all customers, and will back Dhabi’s growing real estate market," he added.-TradeArabia News Service