- Within the framework of regulatory standards, the bank's escrow services ensure a secure and compliant platform
Emirates NBD supports UAE’s real estate market via new deal
Dubai – Emirates NBD signed an agreement with Ras Al Khaimah Municipality to offer escrow services, backing the growth of the UAE real estate market amid increasing demands for homes.
The strategic partnership will enable the DFM-listed lender to offer escrow services in Ras Al Khaimah as an account trustee, according to a press release.
Within the framework of regulatory standards, the bank’s escrow services ensure a secure and compliant platform.
Emirates NBD’s recently acquired license in Ras Al Khaimah will further support the bank’s growth ambitions.
The agreement also anchors Emirates NBD’s role in facilitating off-plan real estate projects in Ras Al Khaimah while accelerating its cash management business in the Emirate.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “Driven by the thriving real estate market, this agreement aligns seamlessly with our goals to expand our escrow services, playing a key role in diversifying the UAE economy. Emirates NBD continues to stand tall as the market leader in this crucial domain.”
Munther Mohammed bin Shakar Al Zaabi, Director-General of Ras Al-Khaimah Municipality, noted: “This agreement aims to enhance the implementation of best practices, collaboration, and the facilitation of real estate activities.”
In the first nine months (9M) of 2023, the bank’s net profits hiked by 92% to AED 17.49 billion from AED 9.09 billion in 9M-22.
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