First Abu Dhabi Bank also provides commercial escrow services for substantial merger and acquisition deals/iStockby Kudakwashe Muzoriwa
First Abu Dhabi Bank (FAB) has signed an escrow agreement with Dubai Land Department (DLD) and the deal allows the bank to open and manage escrow accounts for jointly owned property owners in Dubai.
Manoj Menon, FAB’s Senior Managing Director and Head of Global Transaction Banking, said, “By providing escrow services to JOP owners, FAB will support Dubai’s real estate sector and its growth.”
FAB stated that the deal complies with the law number (6) of 2019 on ownership of jointly owned properties in Dubai, which seeks to protect real estate owners by providing a fully transparent and regulated service fee collection process.
The law is also meant to ensure that the service fee is spent on maintenance of the property as planned.
FAB also provides commercial escrow services for substantial merger and acquisition deals.