Aldar, Union National Bank tie up for escrow services

DUBAI / WAM

Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, has signed an agreement
with Union National Bank to provide escrow account services for Water’s Edge buyers. The partnership will enable Aldar to utilise escrow facilities for
the recently announced waterfront
development, and Yas Island’s first
mid-market property, which comprises 2,255 apartments.
Talal Al Dhiyebi, Chief Development Officer, Aldar, commented: “Aldar Properties was the first company to be granted a Master Developer License under the Abu Dhabi Real Estate Law, and this agreement marks our third escrow account project.
“This demonstrates our continued commitment to compliance with the real estate law, and to providing our
customers with the greatest possible transparency. As a waterfront, mid-market apartment development, we are pleased with the strong demand for Water’s Edge, and are confident that
the escrow accounts with UNB will
further support this.”