The agreement complies with the newly imposed law number eight of 2007 issued by Shaikh Mohammad Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, whereby property developers in Dubai must place project receivables in escrow, or trust, until predetermined development milestones are achieved.
Sultan Butti Bin Mijrin, director general of Dubai Land Department, said: We are pleased that Citi has become a trust account agent. Dubai Land Department has taken a hands-on approach to develop existing legislation in the emirate’s real estate industry to ensure the highest levels of protection for property investors as well as to enhance confidence levels in this sector.
Mohammed Al-Shroogi, managing director for the Middle East and CEO for Citi in the UAE, added: This agreement is an important milestone for Citi in the UAE. We are determined to be part of Dubai’s strategic development across all sectors, mainly the real estate sector, and to facilitate its regulations for the full benefit of developers, investors and end-users.
