Zawya, 22 December, 2018
Dubai – Mubasher: Noor Bank has signed an agreement with Real Estate Regulatory Agency (RERA), the regulatory arm of the Dubai Land Department (DLD) to manage and service the account of property owners’ associations in Dubai.
The recent agreement crowned the 10-year long-term cooperative relationship between RERA and Noor Bank, an official statement said.
“Under RERA’s directive, Noor Bank is mandated to open and manage the escrow accounts for owners’ associations, audit them to protect the deposited funds, and send audit reports to RERA, in addition to paying for the services as per the agreed terms,” CEO of RERA Marwan bin Ghalita revealed.
Noor Bank’s services offered to RERA are subject to the laws and regulations mentioned in the agreement, while RERA’s role is limited to supervision and follow-ups without involvement in the operational aspects relevant to the escrow accounts.
“The move [agreement] aligns with the new regulations aimed at protecting the rights of property owners and minimising risks associated with purchasing homes in the emirate of Dubai,” CEO of Noor Bank John Iossifidis said.