- Joining a list of accredited account trustees that manage off-plan project customer funds for real estate developers in the emirate
Ras Al Khaimah: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, has signed an agreement with Ras Al Khaimah Municipality to offer escrow services, joining a list of accredited account trustees that manage off-plan project customer funds for real estate developers in the emirate. The strategic partnership will support the growth of the UAE real estate market amid a resurgence in demand for homes.
At a signing ceremony on Wednesday,10 January 2024, Director-General of Ras Al-Khaimah Municipality, Munther Mohammed bin Shakar Al Zaabi, joined Rashed Al Sarkal, Head of Corporate Coverage – Government Related Departments at Emirates NBD, along with parties from both sides, to formalise the agreement at Ras Al Khaimah Municipality, which will allow Emirates NBD to offer escrow services in Ras Al Khaimah as an account trustee. Emirates NBD’s escrow services rigorously adhere to all regulatory standards, ensuring a secure and compliant platform.
Emirates NBD’s recently acquired license in Ras Al Khaimah is a key milestone that will further support the bank’s growth ambitions. The partnership also positions the bank to play a pivotal role in facilitating off-plan real estate projects in Ras Al Khaimah while accelerating Emirates NBD’s cash management business in the Emirate.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Emirates NBD significantly contributes to the real estate industry, delivering secure solutions for our customers. The launch of our real estate escrow services in Ras Al Khaimah is a testament to facilitating efficient real estate transactions, providing peace of mind to estate buyers and investors who entrust us with their funds. Our valuable partnership with Ras Al Khaimah Municipality, offering escrow services to real estate developers, has proven instrumental. 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.”
His Excellency, Munther Mohammed bin Shakar Al Zaabi, Director-General of Ras Al-Khaimah Municipality, added: “This agreement further demonstrates the municipality of Ras Al Khaimah’s commitment to partner with governmental, private, and strategic organisations, to unify efforts that serve the goals of stakeholders in the emirate. It also aims to enhance the implementation of best practices, collaboration and the facilitation of real estate activities. This agreement reinforces the municipality’s leading position in establishing partnerships with investment entities.”
The bank has been rapidly growing its escrow business. This remarkable growth can be attributed to the bank’s best-in-class digital escrow capabilities, including APIs, virtual accounts and the instant payment platform Aani. Real estate escrow services provide a crucial safeguard for consumer funds invested in off-plan projects, ensuring that these funds are ring-fenced and protected in the event of a project’s non-completion, facilitating a smooth return of funds when necessary. The presence of an escrow account trustee adds an extra layer of security, guaranteeing that the allocated funds in the escrow account are exclusively used by the developer for construction purposes. This dual protection mechanism not only enhances consumer confidence but also promotes transparency and accountability in the real estate development process.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 20 million customers. As at 30th September 2023, total assets were AED 836 billion, (equivalent to approx. USD 228 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 853 branches and 4,213 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head – Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com
Mahmoud Kassem
Director
Brunswick Group
e-mail: mkassem@brunswickgroup.com
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© Press Release 2024
