International Development Bank Joins Dubai Land Department as Escrow Trustee

Photo: Dubai Media Office

The International Development Bank - UAE Branch (IDB) has been officially added to the list of approved banks by the Dubai Land Department (DLD). This means the bank can now act as an escrow account trustee for real estate projects in Dubai.

The agreement was signed in a ceremony attended by His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, and Dr. Ziad Khalaf, Chairman of the International Development Bank. His Excellency Bin Ghalita talked about how important it is for the public and private sectors to work together to help grow the real estate sector. This is part of Dubai’s larger goal to be a leading place for investment.

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The agreement was signed by Mohammed Al Bidwawi, Acting CEO of the Real Estate Regulatory Agency (RERA), and Hani Idris, CEO of the International Development Bank after the bank met all legal requirements for managing real estate escrow accounts. An escrow account is a special account where the money from buyers of properties or project lenders is held. This system helps make sure that the money is used properly for the project and that everyone involved is protected.

Under this agreement, the International Development Bank will open separate escrow accounts for each real estate project. The money in these accounts will only be used for that specific project. This system ensures that the financial resources are handled properly and follow the rules set by the escrow trustee and the Central Bank of the UAE.

Mohammed Al Bidwawi explained that this partnership helps keep the real estate process transparent and protects investors. He said, "The escrow account plays an important role in making sure the development process goes as planned and that everyone’s rights are respected." He also mentioned that DLD is committed to working with financial institutions to make Dubai’s real estate market more attractive and secure.

Dr. Ziad Khalaf, Chairman of the International Development Bank, expressed pride in the new partnership with DLD. He said this is an important step for the bank. The bank is focused on helping grow Dubai’s economy by supporting projects related to digital transformation and sustainable development. Dr. Khalaf said, "We want to help connect the markets of Iraq and the UAE, bring in more investment, and strengthen economic cooperation."

With this agreement, the Dubai Land Department continues its efforts to regulate real estate projects in Dubai. The DLD wants to ensure that investors are protected, projects are completed properly, and everything is transparent. By following international best practices, DLD aims to keep Dubai’s real estate sector growing and secure.

This partnership with the International Development Bank is a big step in building trust and ensuring the success of real estate projects in Dubai. It will help make Dubai’s real estate market even stronger and more attractive to investors.

Dec. 11, 2024 4:50 p.m. 505

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