Emirates NBD signs an agreement with Ras Al Khaimah

Emirates NBD, a number one banking group within the MENAT (Center East, North Africa, and Türkiye) area, has signed an settlement with Ras Al Khaimah Municipality to supply escrow providers, becoming a member of an inventory of accredited account trustees that handle off-plan venture buyer funds for actual property builders within the emirate. The strategic partnership will help the expansion of the UAE actual property market amid a resurgence in demand for properties.

At a signing ceremony on Wednesday,10 January 2024, Director-Basic of Ras Al-Khaimah Municipality, Munther Mohammed bin Shakar Al Zaabi, joined Rashed Al Sarkal, Head of Company Protection – Authorities Associated Departments at Emirates NBD, together with events from each side, to formalise the settlement at Ras Al Khaimah Municipality, which can permit Emirates NBD to supply escrow providers in Ras Al Khaimah as an account trustee. Emirates NBD’s escrow providers rigorously adhere to all regulatory requirements, guaranteeing a safe and compliant platform.

Emirates NBD’s just lately acquired license in Ras Al Khaimah is a key milestone that can additional help the financial institution’s development ambitions. The partnership additionally positions the financial institution to play a pivotal function in facilitating off-plan actual property tasks in Ras Al Khaimah whereas accelerating Emirates NBD’s money administration enterprise within the Emirate.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, stated: “Emirates NBD considerably contributes to the true property business, delivering safe options for our prospects. The launch of our actual property escrow providers in Ras Al Khaimah is a testomony to facilitating environment friendly actual property transactions, offering peace of thoughts to property consumers and buyers who entrust us with their funds. Our helpful partnership with Ras Al Khaimah Municipality, providing escrow providers to actual property builders, has confirmed instrumental. Pushed by the thriving actual property market, this settlement aligns seamlessly with our objectives to develop our escrow providers, taking part in a key function in diversifying the UAE financial system. Emirates NBD continues to face tall because the market chief on this essential area.”

His Excellency, Munther Mohammed bin Shakar Al Zaabi, Director-Basic of Ras Al-Khaimah Municipality, added: “This settlement additional demonstrates the municipality of Ras Al Khaimah’s dedication to companion with governmental, personal, and strategic organisations, to unify efforts that serve the objectives of stakeholders within the emirate. It additionally goals to boost the implementation of greatest practices, collaboration and the facilitation of actual property actions. This settlement reinforces the municipality’s main place in establishing partnerships with funding entities.”

The financial institution has been quickly rising its escrow enterprise. This exceptional development will be attributed to the financial institution’s best-in-class digital escrow capabilities, together with APIs, digital accounts and the moment cost platform Aani. Actual property escrow providers present a vital safeguard for client funds invested in off-plan tasks, guaranteeing that these funds are ring-fenced and guarded within the occasion of a venture’s non-completion, facilitating a easy return of funds when needed. The presence of an escrow account trustee provides an additional layer of safety, guaranteeing that the allotted funds within the escrow account are completely utilized by the developer for development functions. This twin safety mechanism not solely enhances client confidence but additionally promotes transparency and accountability in the true property growth course of.

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