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Emirates NBD Signs Agreement to Open Accounts for Owners Associations in the DIFCDIFC signs first Agreement on strata development regulating use of owners’ service charges contributions and disbursement of service providers’ paymentsDubai, 12 May 2013: DIFC Registrar of Real Property has signed an agreement with Emirates NBD allowing the bank to open accounts for owners’ associations (known as Bodies Corporate) in the DIFC jurisdiction. This agreement is aimed at promoting the proper utilization of owners’ contributions to the owners’ association in accordance with DIFC Strata Title Law.During the signing ceremony, Mr. Jaber Al Suwaidi, DIFC Registrar of Real Property commented: “To safeguard an owners’ contribution, while promoting integrity and transparency in the use of these funds, we now require all Bodies Corporate established under the DIFC Strata Title Law, to have a suitable escrow arrangement in place with an approved account trustee. We are pleased to partner with Emirates NBD and provide the option for Bodies Corporate within the DIFC jurisdiction to use Emirates NBD for the required escrow account services.”Mr. Mahdi Kazim General Manager - Large Corporates and Global Banking, Emirates NBD said: “Under this agreement, Emirates NBD is now able to open escrow accounts for owners’ associations in the DIFC, into which collection of service charges contributions from owners are deposited, and their disbursement is regulated as per DIFC guidelines”.The agreement has been signed by Mr. Jaber Al Suwaidi, DIFC Registrar of Real Property, Mr. Samir Sahu, Deputy GM and Head of Transaction Banking Services, and Mr. Sharad Agarwal, Head of Trade Sales, Factoring & Escrow Services, Transaction Banking Services at Emirates NBD. Under agreed terms and conditions, the bank opens “escrow accounts” in the name of owners’ associations in DIFC and acts as a trustee of these accounts for owners’ deposits and withdrawals to pay suppliers and service providers.Emirates NBD is the first bank appointed by owners’ associations within DIFC to provide escrow account services through a process approved by the DIFC Registrar of Real Property. Emirates NBD is pleased to be of service to these owners’ associations and the owners they represent. Emirates NBD supports this initiative, which helps to create trust and attract local and international investors to invest in the real estate sector in Dubai, and in particular in the DIFC.The key objective of the agreement is to ensure the owners’ associations’ accounts are independently managed. Service charge contributions of owners are collected in this account and spending is monitored against an approved budget. The DIFC Registrar of Real Property will play a supervisory role, while operational matters will be managed by the owners’ association, with the assistance of a licensed owners’ association manager and the bank, following guidelines provided by the DIFC Registrar of Real Property. The bank will also provide the DIFC Registrar of Real Property and the Body Corporate with online access to the escrow accounts, to facilitate transparency in their operation.Emirates NBD has a dedicated team to facilitate services relating to these accounts in compliance with the directives of the DIFC Registrar of Real Property. -Ends-About Emirates NBDEmirates NBD is a leading banking Group in the region. As at 31st December 2012, total assets were AED 308.3 billion. The Group has a leading retail banking franchise in the UAE, with over 150 branches and over 720 ATMs and CDMs.? It is a major player in the UAE corporate banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.? The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Beijing.The Group is an active participant and supporter of the UAE’s main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.For more information, please contact: Ibrahim SowaidanHead - Group Corporate CommunicationsEmirates NBDDirect: +971 4 609 4113Mobile: +971 50 653 8937ibrahims@Claire AndreaGroup External CommunicationsEmirates NBDDirect: +971 4 609 4143clairea@For further inquiries on DIFC, please contact:Dubai International Financial CentreShaima Al ZarouniPR ManagerTel: +971 4 362 2432shaima.alzarouni@difc.aeAbout DIFCThe Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas. Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises almost 912 active registered firms, including 19 of the world’s top 25 banks, 8 of the world’s ten largest insurers, 6 out of 10 top law firms, 11 of the top 20 money managers in the world. Around 14 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC. ................
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