News DeskDubai: The International Development Bank – UAE Branch (IDB) has been officially added to the list of authorized banks by the Dubai Land Department (DLD). This follows the signing of an agreement designating IDB as an escrow account trustee for real estate development projects within the emirate.
The agreement was signed in the presence of Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, and Dr. Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank. Bin Ghalita emphasized the importance of strategic partnerships between the public and private sectors in advancing sustainable development in the real estate sector, aligning with Dubai’s vision to foster a leading and attractive investment environment.
The agreement was signed by Mohammed Al Bidwawi, Acting CEO of the Real Estate Regulatory Agency (RERA) at DLD, and Hani Idris, CEO of the International Development Bank, following the bank’s full compliance with all legal requirements for managing real estate escrow accounts.
Real estate escrow accounts are designated for depositing funds received from buyers of off-plan properties or project financiers, regulating construction and development processes while protecting investors’ rights.
Under the agreement, IDB is required to open a separate escrow account for each real estate development project, ensuring transparent and organized financial management in compliance with regulations and procedures established by the escrow trustee and the Central Bank.
Mohammed Al Bidwawi, Acting CEO of RERA, stated, “This step represents a continuation of DLD’s efforts to enhance transparency and safeguard investors’ rights. The real estate escrow account plays a pivotal role in regulating development processes and ensuring the rights of all stakeholders. We are committed to continuously strengthening our partnerships with financial institutions to improve customer experience and streamline procedures, thereby enhancing the attractiveness of the emirate’s real estate market.”
Dr. Ziad Khalaf, Chairman of the Board of Directors for IDB, added, “We take great pride in our partnership with Dubai Land Department, which represents a significant milestone in the bank’s journey to support the vital real estate sector. At IDB, we are committed to achieving the objectives of Dubai’s Economic Agenda D33 by providing innovative banking solutions that connect Iraqi and UAE markets, facilitating investment flows, and strengthening economic cooperation.”
Through this agreement, the Dubai Land Department reaffirms its commitment to regulating the progress of real estate projects while fostering trust and transparency in the real estate sector. By implementing international best practices, DLD ensures the protection of investors and promotes sustainable development.
