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Media In Abu Dhabi – 16 December 2018 / WAM /
Abu Dhabi City Municipality, Emcan Properties and Abu Dhabi First Bank have signed an AED 15 billion guarantee agreement for the AED 15 billion Al Reef UAE Riviera UAE.
The Riviera UAE project is located between the cities of Abu Dhabi and Dubai in the region of Ghantoot in particular. The project includes coastal homes within a charming nature, world-class resorts and entertainment standards that raise the quality of life to high levels.
Saif Badr Al Qubaisi, General Manager of Abu Dhabi City Municipality, said that the implementation of the Real Estate Market Regulation Law No. 3 of 2015 is a reflection of the keenness of the Urban Planning Department and Municipalities to regulate the real estate sector in accordance with the highest international standards, thus providing a trusteeship to protect the interests of investors and all parties concerned. On the entire real estate sector, encourages investment and promotes economic growth and sustainable growth in Abu Dhabi.
Al Qubaisi added that the implementation of the real estate law contributes to the creation of a new and sustainable phase of growth and prosperity in the land and real estate sector. It will benefit the local economy, the business community and the community. He added that the five projects will have a great role in developing Saadiyat Island and attracting investors and residents. Both.
He pointed out that the executive regulation on the project guarantee account is intended to protect the rights of individual and institutional investors who buy on the map and wish to pay the price of the units during the construction process. The project guarantee account is to be set up to deposit investors’ money paid to the developers for their residential units. These funds are used for projects or other purposes, all under the supervision and supervision of the Urban Planning and Municipalities Department, where the escrow account is managed through the bank’s authorized accountant to provide the escrow account services. In order to achieve this, Trustees agreements Aa Account in accordance with the law and the regulations and at the same time will be set up escrow account agreement as a model between the Secretary of the account and the developer on each project, and with respect to projects existing and completed by at least 70% will be exempted from the provision of the escrow account.
With a total area of 370 hectares along the Blue Sea, the project will be a preferred destination for those wishing to buy a second home in a destination that seamlessly mixes nature, culture, architecture, past, present and future with a truly unrivaled experience away from the city.
