Aldar Properties Signs Escrow Agreement With Fab for Latest Development – Alghadeer
18 April 2018, Abu Dhabi, UAE: Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment and management company, announces the signing of an Escrow agreement with First Abu Dhabi Bank (FAB). The agreement enables Aldar to provide Escrow services for buyers of its newly launched master planned development, Alghadeer, launched yesterday ahead of Cityscape Abu Dhabi.
Talal Al Dhiyebi, Chief Executive Officer at Aldar and Jasim Al Ali, CEO, Real Estate at FAB commented on the importance of the agreement during its signing at Cityscape Abu Dhabi.
Talal Al Dhiyebi, Chief Executive Officer, Aldar, said: "We are pleased to partner with FAB, the largest bank in the UAE, to provide escrow account services for our customers. The introduction of Escrow requirements and our agreement with leading financial institutions not only protects customers, but assists in attracting investors to Abu Dhabi's real estate market."
André Sayegh, Deputy Group CEO and Group Head of Corporate and Investment Bankingat FAB said: "As a leading bank in the UAE, our wealth of experience and market-leading capabilities have positioned us as the ideal partner of choice for Aldar. Having provided Escrow services for a range of leading projects in the UAE over the past ten years, we are pleased to be offering bespoke services to Alghadeer buyers, and to support the property sector and the overall economic growth of the Emirate."
Alghadeer is a new AED10 billion masterplan that will incorporate and greatly enhance one of Aldar's already established destinations – Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank. Perfectly positioned and equidistant between the cities of Dubai and Abu Dhabi, the 14,408 home Alghadeer masterplan includes villas, townhouses, and apartments. Total residential GFA is set to exceed 1.3 million sqm and will be complemented by office space, retail space, hospitality, education and community amenities.