Aldar Properties of Abu Dhabi has signed an escrow agreement with First Abu Dhabi Bank (FAB), enabling the leading property developer to provide escrow services for buyers of its newly-launched masterplanned development, Alghadeer.

Talal Al Dhiyebi, chief executive officer, Aldar, said: “We are pleased to partner with FAB, the largest bank in the UAE, to provide escrow account services for our customers. The introduction of Escrow requirements and our agreement with leading financial institutions not only protects customers, but assists in attracting investors to Abu Dhabi’s real estate market.”

André Sayegh, deputy group CEO and group head of corporate and investment banking at FAB, said: “As a leading bank in the UAE, our wealth of experience and market-leading capabilities have positioned us as the ideal partner of choice for Aldar. Having provided Escrow services for a range of leading projects in the UAE over the past ten years, we are pleased to be offering bespoke services to Alghadeer buyers, and to support the property sector and the overall economic growth of the Emirate.”

Alghadeer is a new Dh10-billion ($2.72 billion) masterplan that will incorporate and greatly enhance one of Aldar’s already established destinations – Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank.

Perfectly positioned and equidistant between the cities of Dubai and Abu Dhabi, the 14,408-home Alghadeer masterplan includes villas, townhouses, and apartments. Total residential GFA is set to exceed 1.3 million sq m and will be complemented by office space, retail space, hospitality, education and community amenities. – TradeArabia News Service