ADCB signs escrow account agreement

Dubai: Abu Dhabi Commercial Bank (ADCB) renewed its escrow account trustee registration with the Government of Dubai's Real Estate Regulatory Agency (RERA). Colin Fraser, Executive Vice President and head of wholesale banking group at ADCB, and Marwan Bin Galita, Chief Executive Officer at RERA, signed the escrow agreement at the RERA headquarters.

Fraser from ADCB said: "This agreement represents a significant landmark in our relationship with the Government of Dubai and the confidence which RERA has in the escrow management services of ADCB. The agreement formally authorises ADCB as an approved bank for opening and managing Escrow accounts for property developers registered with RERA."

Bin Galita commended ADCB's commitment to keep pace with RERA's initiatives.