Please ensure Javascript is enabled for purposes of website accessibility Agreement between Ajman Land and Abu Dhabi Commercial Bank to manage maintenance accounts for real estate development projects in Ajman - Department of Land and Real Estate Regulation

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Agreement between Ajman Land and Abu Dhabi Commercial Bank to manage maintenance accounts for real estate development projects in Ajman

June 28th, 2021 News

Agreement between Ajman Land and Abu Dhabi Commercial Bank to manage maintenance accounts for real estate development projects in Ajman

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The Department of Land and Real Estate Regulation in Ajman and Abu Dhabi Commercial Bank signed an agreement to manage the maintenance accounts for real estate development projects in the Emirate of Ajman.

Under this agreement, Abu Dhabi Commercial Bank will be able to open maintenance accounts in the name of owners’ committee in order to organize the common parts and facilities and to regulate the affairs of owners’ committees in the sub-properties according to the provisions of the Law No. 3 of 2020 on the Regulation of the Owners’ Affairs in the Emirate of Ajman.

The agreement was signed by His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation in Ajman and Mr. Mr. Ludovic Nobili, Head of Group Banking Services at Abu Dhabi Commercial Bank.

His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation said that the Department always seeks to build and strengthen strategic partnerships with leading institutions that support and help the Department to provide high-end and distinguished services to its customers. He expressed his happiness at signing this agreement, which guarantee more transparency and confidence in the customers, preserves their rights, provide for them more banking options and contribute to reducing any excesses related to the management of jointly owned real estates.

Bin Omair also stressed the need to intensify and unify efforts in order to preserve the reputation of the real estate sector in the Emirate of Ajman and enhance its position as one of the most prominent investment destinations in the region, especially in the real estate field, due to its characteristics and ingredients that made it a safe and stable destination for investors from all over the world.

For his part, Ludovic Nobili, Head of Group Banking Services at Abu Dhabi Commercial Bank, said: This agreement reflects the prestigious position of ADCB and the confidence it enjoys due to the advantages and distinguished banking services it provides to individuals and institutions. He expressed his happiness for the registration of ADCB and approving it by the Department of Land and Real Estate Regulatory to manage maintenance accounts for real estate development projects in Ajman.

Ludovic Nobili clarified that, under this agreement, Abu Dhabi Commercial Bank will open maintenance accounts as follows: an account for the daily activities of the owners’ committee, known as the general expenses account, as well as the reserve account, which is an account for deposits of long-term reserves, in addition to the unit account, which is a sub account for each unit for collecting deposits. The Bank is also committed to providing a range of additional banking services that ensure the achievement of the desired objectives of this agreement.

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