The Real Estate Regulatory Agency (Rera) at Dubai Land Department has signed a partnership agreement with Commercial Bank of Dubai (CBD) for offering escrow account management services to Owners’ Association (OA) communities in Dubai.

Through this agreement, CBD, under the supervision of the real estate watchdog Rera, will open escrow accounts for Owners’ Association to help regulate the relations and service agreements with property owners, remarked Rera CEO Marwan Ahmad Bin Ghalita afer signing the deal with Dr Bernd van Linder, the chief executive of CBD.

Bin Ghalita said this agreement will see CBD act as a trustee for escrow accounts opened in the name of the OAs.

"The bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with Rera regulations. We are always looking to form strong partnerships with top banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment," he noted.

Dr van Linder said: "CBD is proud to partner with Rera in offering escrow services to OA communities, in line with the new law that aims to protect property owners’ rights and assist in minimising any associated risk."

"The partnership also reinforces our commitment to support government-backed initiatives in the UAE and to improve upon its real estate industry," he stated.

"CBD is recognised as one of the leading cash management solutions banks in the UAE and is always at the forefront in providing solutions for the governmental sector. The bank was granted the UAE’s ‘Best Cash Management Bank’ award by Banker Middle East in 2017 and 2018," he added.-TradeArabia News Service