ABU DHABI / WAM
Following the announcement of the Real Estate Law No. (3) of 2015 in the capital, Abu Dhabi Commercial Bank, ADCB, obtained the first escrow agent registration certificate from the Department of Municipal Affairs (DMA), upon signing the agreement with the governing body.
Real Estate Law No. (3) was issued to adopt the real estate escrow regulations, with the objective of protecting real estate buyers and sellers through registering all projects and off-plan sales in Abu Dhabi.
Commenting on the agreement, Colin Fraser, Head of Wholesale Banking Group at ADCB, said, â€œWe are proud to be the first entity to sign an escrow agreement with the Department of Municipal Affairs. ADCB has been cultivating its efforts since 2007 to provide industry-leading professional services when similar escrow related laws were first announced in Dubai.â€