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Dubai Land Department signs escrow account agreement with National Bank of Dubai

United Arab Emirates: Monday, September 03 - 2007 @ 16:26

The signing ceremony took place in the offices of DLD, where Juma’a Bin Humaidan, Assistant Director General, Dubai Land Department and Rajesh Thapar, Group Head of Corporate & Institutional Banking, National Bank of Dubai signed the agreement.

Through this agreement, NBD has been appointed as an official escrow account bank by the DLD. The signing appoints NBD as one of the few banks in Dubai to provide escrow accounts designed to protect consumer payments on new and in the pipeline properties in Dubai.

As a result of the appointment, NBD will be the only bank in the UAE to offer Escrow Accounts both within conventional and Islamic banking, thereby maximising choice for customers. NBD will also offer view-only access to property developer customers and the DLD for escrow accounts held with the Bank. Property developers using NBD Online will further benefit from better account management and reconciliation. In addition, a dedicated team will be allocated to support the operations for these account services

“National Bank of Dubai is honored to be selected as one of the few banks in the UAE to provide Escrow Accounts to its portfolio of property developer customers. Through such services NBD is supporting Government initiatives to raise the standard of the real estate industry and ensure the continued prosperity of Dubai’s property market,” commented Mr. Thapar.

Under the recently promulgated Law No. 8, property developers in Dubai must place project receivables in escrow, or trust, until predetermined development milestones are achieved and independently verified by the escrow account bank. These escrow accounts are regulated by the Dubai Land Department.

Sultan Butti Bin Mejren, Director General of Dubai Land Department, ‘The decision by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, to establish an escrow framework for property developers will greatly enhance the confidence of investors and end users in the long-term stability of the real estate sector in Dubai. The Dubai Land Department has taken proactive steps to regulate the real estate industry to ensure the highest of standards are adhered to while raising the bar of the industry and encouraging both domestic and international investment.”

NBD’s Retail Banking is ranked amongst the top 3 mortgage finance providers in the UAE, offering a suite of mortgage finance solutions and a reputed panel of 14 developers to choose from. This appointment will complement NBD’s leading position in the mortgage finance market, adding value both to its customers and its property development partners.

Since its inception in 1963, NBD has committed itself to provide customers with the best range of products and services. NBD’s 2006 annual results saw the bank report considerable growth in key areas, such as Corporate & Institutional Banking and Retail Banking, both of whose revenues grew by more than 54%.

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Monday, September 3- 2007 @ 16:26 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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