Saturday, January 17, 2009

Real Estate Regulatory Agency and Dubai Islamic Bank hosts escrow forum

Dubai, January 17, 2009: Dubai Islamic Bank (DIB) in partnership with Real Estate Regulatory Agency (RERA) hosted over 50 real estate developers at an escrow forum aimed at providing a platform for DIB’s escrow account customers to have a dialogue with Real Estate Regulatory Agency (RERA).

The forum was attended by senior RERA officials including Engineer Marwan Bin Ghalaita, CEO; Khalid Obaid Ahmad Al Mutaiwei, Director of Escrow Account Department; Essa Saeed Ahmed Al Mansoori, Head of Escrow Account Section; and Ayman Adel Kamal, Executive Vice President, and the Chief of Real Estate Finance & Direct Equities Department, DIB.

Addressing the forum, Marwan bin Ghalita said: “Since RERA’s establishment in 2007, we have taken several steps to bring about greater transparency and credibility in the real estate sector and will continue to play a key role in regulating the market. This interactive session is another step in the right direction.

“The current market situation calls for a greater need for regulation and scrutiny to ensure that only credible developers enter the market. Also, we plan to apply new conditions aimed at regulating off plan sale of properties in line with the new laws # 8 of 2007 and 13 of 2008.”

As one of the largest escrow players in the market, DIB has been actively involved with consulting RERA on general issues related to the escrow regulations. Ayman Adel Kamal said: “As a provider of value-added services such as escrow account management, we are pleased to facilitate this interaction between our customers and RERA. Such industry dialogues enable service providers like DIB to enhance the services offered, while also supporting authorities such as RERA to strengthen and tighten regulations. Working together with RERA and developers, DIB will continue to contribute towards enhancing investor confidence in Dubai’s real estate sector.”

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