RERA has entered into a memorandum of understanding with “Zand Digital Bank” to designate it as the trustee of the Real Estate Development Escrow Account.

The Real Estate Regulatory Agency (RERA), under the umbrella of Dubai Land Department (DLD), has inked a memorandum of understanding with ‘Zand Digital Bank’, designating it as an accredited bank authorized by DLD to oversee real estate development escrow accounts and provide related services.

Real estate escrow accounts are specialized bank accounts dedicated to real estate projects, serving as repositories for funds collected from off-plan investors or project financiers. The principal aim of these escrow accounts is to facilitate the construction process for off-plan units, thereby ensuring the protection of investors’ interests and enhancing confidence in the real estate sector.

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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