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Rera to launch escrow awareness drive

Dubai, August 7, 2008

The Real Estate Regulatory Authority (Rera) will launch an awareness campaign on escrow accounts, targeting home buyers and investors.

Amlak Finance, the largest real estate financier in the Middle East, will be the exclusive sponsor of all printed materials developed by Rera for a one-year period. 

An MoU was signed by Arif Alharmi, chief executive officer of Amlak Finance, and Marwan Bin Ghalita, chief executive officer of the Real Estate Regulatory Agency (Rera), in this regard.

The awareness campaign will provide information on the benefits of Escrow accounts.

This will include distribution of educational booklets by Rera and Amlak Finance, along with the development of a dedicated website in Arabic and English.

Arif Alharmi, chief executive officer of Amlak Finance, said: ’When Law No 8 of 2007, concerning the guarantee account came into force, Amlak had commenced the service and worked diligently to market it by introducing the complementary solution to the main real estate developers, where such services are considered to be fruitful to all parties in the real estate market.’

Amlak continues to pioneer in many fields and plays an important role in the development of the sector.

The Guarantee account added a sense of security to real estate sector in Dubai through its unprecedented growth, which will further ensure and strengthen investors confidence.

Commenting on the campaign, Bin Ghalita, said: ’We have taken a major step toward increasing the knowledge related to the real estate market framework, since our social responsibility requires us to draw the attention of real estate market to the most important issues that may affect the real estate market, and accordingly we found it important to expand the idea of this subject.

He added, ’Our objective since our founding in August 2007 was to spread knowledge through instructive programs which are dedicated toward active players in the local market.

The programs depend on the importance of the ideal application of laws and legislations that organise real estate market and clarify developers’ situations in an attempt to exert all efforts and support to secure achieving continuous development rates.’ 

Bin Ghalita stressed that Amlak Finance was selected to be the official and exclusive sponsor of this campaign since the company is a pioneer in the real estate finance sector and the company is considered one of the main supporters for works and activities of RERA since its establishment.

According to Alharmi, Amlak will additionally support this campaign, which coincides with the vision to make Dubai the safest investment destination, by producing the best finance solutions and in creating a multitude of options in order to enable individuals and families make the important decision to own their dream home.

Through signing this agreement, Amlak Finance has taken the first such step in its home market of Dubai and will look to enter into such agreements in other regional markets as and when the opportunities are made available. - TradeArabia News Service




Tags: Amlak | campaign | Escrow | Rera |

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