An escrow agreement has been signed for Aldar Properties’ $2.7bn (AED10bn) Alghadeer master-planned development in Abu Dhabi.
The property developer signed the deal with First Abu Dhabi Bank (FAB) at Cityscape Abu Dhabi, a three-day event that opened yesterday, 17 April.
According to Aldar, the deal will allow it to provide escrow services for buyers of Alghadeer, which was launched ahead of the property show.
Aldar chief executive officer Talal Al Dhiyebi commented: “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 [also] assists in attracting investors to Abu Dhabi’s real estate market.”
Meanwhile, André Sayegh, deputy group CEO and group head of corporate and investment banking at FAB said: “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.”
The new master-development will incorporate Aldar’s existing eponymous community, which sits close to the border of Abu Dhabi and Dubai.
The 14,408-home masterplan includes villas, townhouses, and apartments, with a total residential GFA expected to exceed 1.3 million square metres. The development will also feature office and retail spaces, and hospitality, education, and community amenities.
Cityscape Abu Dhabi also saw Aldar signing a memorandum of understanding (MoU) with Hyperloop Transportation Technologies (Hyperloop TT). Under the agreement, the two companies will collaborate to develop a hyperloop network in the UAE capital.