tdic signs an escrow account projects agreement with adcb
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

TDIC signs an escrow account projects agreement with ADCB

Arab Today, arab today

Arab Today, arab today TDIC signs an escrow account projects agreement with ADCB

Tourism Development and Investment Company
Abu Dhabi - WAM

The Tourism Development and Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced today that it has signed with Abu Dhabi Commercial Bank (ADCB) an escrow accounts agreement for its upcoming projects.

This step is in compliance with the new Abu Dhabi law for the regulation of the real estate sector which requires developers who wish to sell units off-plan to, among other things, set up escrow accounts for their projects for the collection of sale proceeds, and which fall under the authority and control of the Department of Municipal Affairs and Transport.

Sufian H. Al Marzooqi, TDIC's Chief Executive Officer, said: "TDIC welcomes the rules and regulations of the new property law which serve to safeguard the interests of the investors and developers in the industry. We consider that the law further enhances the confidence and transparency in the market as well as strengthens security for local, regional and international investors. It is without a doubt a very positive step in the right direction."

Ala'a Eraiqat, ADCB Group Chief Executive Officer and Board Member, said: "TDIC and ADCB’s engagement around the escrow account laws in Abu Dhabi is a very important milestone since the announcements of the escrow regulations in the Capital. We are pleased with TDIC’s decision to bank their escrow accounts with ADCB and this comes based on ADCB’s extensive track record with the real estate escrow operations and our commitment to provide the service excellence needed in such a delicate and heavily regulated industry."

The new law introduces the requirement for the set-up of a project escrow account prior to approval being given for a property developer to commence the off-plan sale of units. It provides protection for customers of off-plan developers by ensuring that funds paid for the purchase of units are not accessible by the developer until such time an acceptable level of progress in the construction of the project has been achieved.

Source:WAM

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tdic signs an escrow account projects agreement with adcb tdic signs an escrow account projects agreement with adcb

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tdic signs an escrow account projects agreement with adcb tdic signs an escrow account projects agreement with adcb

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday