Saturday, August 11, 2007

The first Real Estate Trust Account in Dubai becomes operational

The first account under the Real Estate Trust Account, Law No.8 becomes operational. The investor payments invested in Al Manal Development for the new La Vista Residence project at Dubai Silicon Oasis are being banked with Badr Al Isami, Islamic Banking Division. Mashreq PSC is the first Real Estate trust management account to be opened in Dubai.

The new property law is designed to safeguard the rights of property of investors, and requires an Escrow Account at a Bank, and should be approved by the Dubai Land Department. The law has been established by H.H. Sheikh Mohammed bin Rashid.

The commitment to the new law by Al Manal Development has been well appreciated by the CEO of Real Estate Regulating Agency (RERA), Marwan Bin Gletah, who, pointing out to Al Manal, mentioned that they are the ideal role model for other property developers in Dubai.

He said the law implemented by Al Manal Development is a major part of winning international credibility, and all parts of the property development sector have a major role to play in implementation of this law. This sends a clear signal to all investors that Dubail will do everything possible within its limits to ensure that their investments are protected.

The Al Manal Development Chairman, Juma al Ghurair, mentioned that the initiative taken by the company was to prove its commitment to protect the investment of the client, and show that the company is trustworthy.

The La Vista Residence project, worth Dh.330 million at the Dubai Silicon Oasis, is a 7.2 Sq.Km master-planned community located on the Emirates Road in Dubai with easy access to Dubai International Airport and Jebel Ali Port. The Construction of La Vista Residence will begin in October, and will be completed during end of 2008.

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