Abyaar opens escrow accounts with DIB
Dubai, December 12, 2007
Leading property developer Abyaar real estate development has signed with Dubai Islamic Bank (DIB) to provide escrow accounts for its projects.
This follows Abyaar gaining the required certification from the Dubai Land Department to operate under the newly introduced property law, which requires all property developers to open escrow accounts for investor funds.
Abyaar vice chairman and managing director Marzooq Al Rashdan says Abyaar decided on DIB because it has already established a good working relationship with DIB.
“Abyaar recently arranged Sharia compliant finance for its Acacia Avenues project through DIB and we were impressed by the way this deal was handled.”
Abyaar has two Venti Quattro furnished apartment buildings being constructed at Dubai Marina; as well as the Acacia Avenues project which is the only freehold development on offer in the Jumeirah district.
Akram Khan, vice president and head of GCC Region at DIB corporate banking division, said: “Dubai Islamic Bank is pleased to have been able to build further on its relationship with Abyaar.
“Providing escrow accounts is a natural extension to the business we already do with Abyaar and we are proud to be their chosen partner for this role.”
Founded with a capital value of KD 35 million ($121 million) - Abyaar is a joint venture between Kuwait’s Aayan Leasing and Investment Company, a leading investment player and Al Rashdan Group, a major real estate developer, and other investors.--TradeArabia News Service