Emirates NBD, which is among the major banks in the UAE, has forged a collaboration with Dubai Land Department’s (DLD) Real Estate Regulatory Agency (RERA) to emerge as a trust account representative offering banking services for properties that are jointly controlled.
Emirates NBD’s move to offer trust account services is based on the latest law that was initiated in September last year. The main objective of forging the collaboration is to develop a healthy competition and increase investment into real estate.
In doing so, Emirates NBD has emerged as the first bank in the region to team up with RERA after the inception of the recent law on jointly owned properties came into being.
With the enforcement of this law, various developers, community management firms, stakeholders, investors, owners and insurers are expected to adopt measures that adhere to the prescribed guidelines.
Among the pioneering banks in the MENAT belt, Emirates NBD’s overall assets were valued at Dh675.6 billion ($184 billion).
And when the bank took over Denizbank, it increased its operations to 13 countries and it is providing services to more than 14 million customers.
Emirates NBD has a dominant presence in the UAE business domain that can be attributed to its robust involvement in Islamic banking operations, investment banking, private banking, asset management, global markets and treasury and brokerage activities.