Emirates NBD Joins Hands With Ras Al Khaimah Municipality To Provide Escrow Services To Real Estate Sector

Ras Al Khaimah, 17 January 2024: Emirates NBD, a prominent banking group in the MENAT (Middle East, North Africa, and Türkiye) region, has entered into a partnership with Ras Al Khaimah Municipality to provide escrow services. This collaboration positions Emirates NBD among the accredited account trustees responsible for overseeing customer funds for off-plan projects initiated by real estate developers in the emirate. This strategic alliance is geared towards fostering the expansion of the UAE real estate market, particularly in response to the increasing demand for residential properties.

During a recent signing event, Munther Mohammed bin Shakar Al Zaabi, the Director-General of Ras Al-Khaimah Municipality, partnered with Rashed Al Sarkal, the Head of Corporate Coverage - Government Related Departments at Emirates NBD, and representatives from both entities. The formalisation ceremony took place at Ras Al Khaimah Municipality, solidifying an agreement that grants Emirates NBD the capability to provide escrow services in Ras Al Khaimah as an account trustee. Emirates NBD's escrow services strictly adhere to all regulatory standards, ensuring a secure and compliant platform for stakeholders involved.

The recent acquisition of a licence by Emirates NBD in Ras Al Khaimah represents a significant achievement, providing crucial support for the bank's expansion goals. This partnership not only positions the bank to actively contribute to off-plan real estate projects in Ras Al Khaimah but also expedites the development of Emirates NBD's cash management business in the Emirate.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD said in the company’s press release, “Emirates NBD significantly contributes to the real estate industry, delivering secure solutions for our customers. The launch of our real estate escrow services in Ras Al Khaimah is a testament to facilitating efficient real estate transactions, providing peace of mind to estate buyers and investors who entrust us with their funds. Our valuable partnership with Ras Al Khaimah Municipality, offering escrow services to real estate developers, has proven instrumental. Driven by the thriving real estate market, this agreement aligns seamlessly with our goals to expand our escrow services, playing a key role in diversifying the UAE economy. Emirates NBD continues to stand tall as the market leader in this crucial domain."

The bank has experienced rapid expansion in its escrow business, and this notable growth can be credited to the bank's state-of-the-art digital escrow capabilities, which encompass APIs, virtual accounts, and the instantaneous payment platform Aani. The vital role of real estate escrow services lies in safeguarding consumer funds invested in off-plan projects. This assurance ensures that such funds are segregated and safeguarded in case of a project's non-completion, facilitating a seamless return of funds when required.