A decade on since the UAE established real estate escrow laws, Abu Dhabi Commercial Bank (ADCB), one of the leading banks in the real estate escrow industry, convened a panel to discuss the favorable economic outcomes of these regulations since their introduction.
The panel, titled 'A Decade of ADCB’s Escrow Management Services', brought together real estate regulators, developers and specialists from different emirates to share their insights and reflect on the positive impact of the different real estate laws on the UAE's property market. Panelists discussed how the introduction of various property regulations have attracted local, regional and foreign investment, which in turn has propelled the UAE's real estate market, creating a solid foundation to drive the nation's overall economy.
Panelists included Mrs. Chafika Nadir Albaloushi, Head of Escrow Account Department, Department of Urban Planning and Municipalities in Abu Dhabi; Mr. Abdulrahman Al Yasi, Section Head Escrow Department Real Estate Regulatory Authority, Dubai Land Department; Ms. Nasreen Mahmoud, Head of Engineering and Technical Affairs Section Ajman Real Estate Regulatory Agency; Mr. Moath Maqbool, Vice President – Real Estate Information, Aldar Properties; Mr. Harish C S Pai, Senior Manager – Treasury Operations, TDIC; Mrs. Maraim Al Katoob, Real Estate Specialist; Mr. Pawan Chindalia, Senior Director Finance –Emaar; and Mr. Jamal Abu Sharif, Director of Operations and Credit Control- DAMAC and Mr. Ahmad Hamam, Head Corporate Trust Services - ADCB.
Commenting on the event, Ahmad Hamam, Head Corporate Trust Services Department at ADCB, said: “As leaders in real estate escrow management industry for a decade, ADCB is proud to bring together the esteemed real estate regulatory authorities and the respected developers from across the UAE in this event. ADCB holds a very strong relationship with real estate regulators and developers across the emirates, based on our proactive leadership, accomplishments and endeavors in the escrow industry. We strive towards achieving what is best for our clients as well as for the real estate market in the UAE and the economy as a whole.”