RERA signs a memorandum of understanding with “Zand Digital Bank” to appoint it as the trustee of the Real Estate Development Escrow Account

• Marwan bin Ghalita: Committed to solidifying Dubai’s reputation as a leading real estate investment destination, enhancing the sector’s readiness and sustainability in various aspects

Dubai, United Arab Emirates, 09January2024: The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding with ‘Zand Digital Bank’ identifying Zand as an approved bank authorised by DLD to oversee real estate development escrow accounts and offer associated services.

Real estate escrow accounts are specialised bank accounts designated for real estate projects, serving as repositories for funds collected from off-plan investors or project financiers. The primary objective of the escrow account is to streamline the construction process for off-plan units, ultimately safeguarding the interests of investors and bolstering their trust in the real estate sector.

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