First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has signed an escrow agreement for the ‘Reem Hills’ project with Q Properties, a subsidiary of Abu Dhabi-listed investment holding company Q. The agreement allows the bank to open and manage escrow accounts for the newly launched project.
The agreement was signed by Majed Fuad Mohammed Odeh, CEO of Q Holding and Sanjay Sethi, Senior Managing Director and Head of Global Transaction Banking at FAB, during the ‘Reem Hills’ project launch ceremony at Dusit Thani Hotel, Abu Dhabi.
The agreement complies with the law number (3) of 2015 on guarantee accounts of real estate developments in the Emirate of Abu Dhabi, which was issued to implement new real estate escrow regulations with the objective of protecting real estate buyers and sellers by registering all projects and off-plan sales in the emirate.
The signing was also attended Abeer Aljayousi, Managing Director and Head of Privilege Clients Group at FAB, Heba Mohamed, Executive Director, Privilege Clients Group at FAB, Bernard Abdul Karim – GTB Products sales at FAB and Varkey M.V., Executive Director and Head of Escrow Management at FAB, alongside other senior officials from the Bank, the Reem Hills developer, and distinguished guests.
Commenting on the agreement, Sanjay Sethi, Senior Managing Director and Head of Global Transaction Banking at FAB said: “As a leading bank in the UAE, our wealth of experience and market-leading capabilities have positioned us as the ideal partner of choice for Q Properties. Having provided escrow services for a range of leading projects in the UAE over the past 14 years, we are pleased to be offering bespoke services to Reem Hills buyers and to support the property sector and the overall economic growth of the Emirate.”
Majed Fuad Mohammed Odeh, Q Holding CEO, said that Reem Hills will highlight Q Holding’s position as a driving force in the next phase of economic development, saying: “The AED 8 billion project is designed to encourage residents to indulge their senses in a unique and luxurious environment by providing an escape from the pressures of today’s fast-paced life. As such, it makes perfect sense for Q Properties to partner with one of the region’s biggest and safest banks in order to guarantee the right levels of protection for all parties concerned.”
FAB has a dedicated Escrow Management team under the umbrella of its Global Transaction Banking (GTB) business in its Corporate and Commercial Banking Group. The bank has been managing escrow accounts in Dubai for over a decade, and in Abu Dhabi since January 2016, when the respective escrow laws were promulgated.
FAB also provides commercial escrow services for a variety of transactions such as merger and acquisitions, litigation settlement, contractual JV projects, capital increases, project finance wherein ring fencing of collections and settlement of debt is envisaged and holding disputed amounts.