Abu Dhabi: Aldar, FAB sign escrow agreement for Alghadeer
Abu Dhabi-based Aldar Properties signed an escrow agreement with First Abu Dhabi Bank (FAB) to enable to provide services for buyers of its newly launched master planned development, Alghadeer.
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 Dhabis real estate market.
André Sayegh, deputy group CEO and group head of corporate and investment banking at 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 AED10bn masterplan that will incorporate and greatly enhance one of Aldars already established destinations Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank. The 14,408-home Alghadeer masterplan includes villas, townhouses, and apartments.
