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Press Release - RERA Partners with CBD to Offer Escrow Services for Owners’ Association
08/08/2018
Press Release - RERA Partners with CBD to Offer Escrow Services for Owners’ Association

 

Dubai, 08 August 2018: The Real Estate Regulatory Agency at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai (CBD). The agreement focuses on offering escrow account management services to Owners' Association (OA) communities in Dubai.

The agreement was signed by His Excellency Eng. Marwan Ahmad Bin Ghalita, Chief Executive Officer of RERA and Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Through this agreement, CBD, under the supervision of RERA, will open escrow accounts for Owners' Association to help regulate the relations and service agreements with property owners. 

HE Eng. Marwan Ahmad Bin Ghalita, Chief Executive Officer of RERA commented, "We are pleased to sign this agreement with Commercial Bank of Dubai that will act as a trustee for escrow accounts opened in the name of the Owners' Association. The Bank will supervise the owners' contributions that are deposited and withdrawn in accordance with RERA regulations.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 leading banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment".

Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said "CBD is proud to partner with RERA in offering escrow services to Owners' Association 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."

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. CBD was granted the UAE's 'Best Cash Management Bank' award by Banker Middle East in 2017 and 2018.

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About Dubai Land Department:

Dubai Land Department (DLD) was found in May 1960 to establish the most prominent real estate sector in the Middle East and in the world.

DLD provides outstanding services to all its customers whilst developing the necessary legislation to propel the real estate sector in Dubai, organizing and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active organizations that include: Real Estate Regulatory Agency, the regulatory arm, Real Estate Investment Management & Promotion Center, the investment arm, Dubai Real Estate Institute, the educational arm, and Rental Dispute Center, the judicial arm.

Unified Toll Free Number:

In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number [8004488]. This can be used for all Dubai Land Department and Rental Disputes Center enquiries.

About Commercial Bank of Dubai:

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is fully owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

For additional information, contact Mr. Sandeep Poduval Shivram, Head of Marketing, Commercial Bank of Dubai on 04 – 2121899 or email: sandeep.poduval@cbd.ae

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