The Department of Land and Real Estate Regulation in Ajman announced the approval of Mashreq Bank to manage the escrow and maintenance accounts for real estate development projects in the Emirate, where the two parties agreed to develop smart solutions to the challenges related to the accounts of real estate development projects in line with the legislation and laws in force in accordance with the provisions of Law No. 3 of 2020 regarding the regulation of landlord affairs in the Emirate of Ajman.
The agreement was signed by Mr. Ahmed Khalfan Al Shamsi, Managing Director of Real Estate Projects Department at the Department of Land and Real Estate Regulation, and Mr. Cyril Lincoln, Executive Vice President, Global Head of Real Estate Finance, Investment Consulting and Agency Services at Mashreq Bank.
His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, said that signing this agreement would support the department’s efforts to raise the level of performance of real estate developers in a way that enhances investors’ confidence, achieves the wishes of all concerned parties and preserves their rights within an integrated framework of clarity and transparency, stressing that the department is looking forward to bring about a qualitative leap in the quality of real estate projects and advance the performance of real estate development companies to keep pace with the comprehensive renaissance witnessed by the Emirate, and to embody the ambitions and aspirations of the wise leadership to develop the real estate sector and consolidate the position of Ajman as one of the most prominent business and investment destinations regionally and globally.
In turn, Mr. Cyril Lincoln expressed his happiness at the signing of this agreement and the approval of Mashreq Bank by the Department of Land and Real Estate Regulation to manage the escrow and maintenance accounts for real estate development projects in Ajman, stressing the bank’s commitment to providing banking services that come up to the expectations and contribute effectively to achieving the desired goals of this agreement.
Source: Ajman Real Estate Regulatory Agency