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DIB and Rera host 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.

The event was 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 CEO Marwan bin Ghalaita; director of Escrow Account Department Khalid Obaid Ahmad Al Mutaiwei; head of Escrow Account Section Essa Saeed Ahmed Al Mansoori and executive vice-president, and the chief of Real Estate Finance & Direct Equities Department, DIB, Ayman Adel Kamal.

“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,” said Ghalita.

“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 No.  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. – TradeArabia News Service




Tags: DIB | Escrow | Rera |

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