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25/12/2007

Citibanks signs real estate development gurantee account with Dubai Land Department

Citibanks signs real estate development gurantee account with Dubai Land Department

The Adviser Mag – United Arab Emirates -

Citibank NA, a member of Citi, today signed a Real Estate Development Guarantee Account Agreement with Dubai Land Department (DLD), hence becoming an approved bank for opening and managing Escrow accounts for property developers registered with DLD.

The Agreement complies with the newly imposed Law Number 8 of 2007 issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, whereby property developers in Dubai must place project receivables in escrow, or trust, until predetermined development milestones are achieved.

Real Estate Development Guarantee accounts are regulated by the Real Estate Regulatory Agency (RERA), a government entity operating under the umbrella of the Dubai Land Department. The signing ceremony, held in the DLD Offices, was attended by Director General of Dubai Land Department, His Excellency Sultan Butti Bin Mijrin, and Assistant Director-General at DLD, Mohammed Sultan Thani. Also Attending on Citi side were Murali Subramanian, Managing Director and Head of Citi's Global Transaction Services in the Middle East and North Africa , along with Surendra Bardia, Head of Cash Management for the UAE and Ahmed Shams, Senior Relationship Manager. H.E. Sultan Butti Bin Mijrin said: 'We are pleased that Citi has become a trust account agent. Dubai Land Department has taken a hands-on approach to develop existing legistlation in the emirate's real estate industry to ensure the highest levels of protection for property investors as well as to enhance confidence levels in this sector.' Mohammed Al-Shroogi, Citi's Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: 'This agreement is an important milestone for Citi in the UAE. We are determined to be part of Dubai 's strategic development across all sectors, mainly the real estate sector, and to facilitate its regulations for the full benefit of developers, investors and end-users.' Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 07, it held $255 billion in liability balances under administration and $12.5 trillion in assets under custody and trust. Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait .

Source http://www.ameinfo.com

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