The Municipality of Abu Dhabi signs 5 agreements on real estate projects in Saadiyat

19 07 2018

In the presence of HE Saif Bader Al Qubaisi, General Manager of the Municipality of Abu Dhabi, Ing. Issa Omair Al Mansouri, Director of Terrestrial and Real Estate Group, has signed five agreements with ALDAR Properties. (Saadiyat Market, Jawahar Al Saadiyat, Leilak, Azure, Turquoise), where project agreements provide for the construction of approximately 1,500 residential villas or real estate units.

For his part, His Excellency the Director General of the Municipality stated that the implementation of Law No. 3 of 2015 on the Real Estate Market Act provides that the Department of Planning and Municipalities regulate the real estate sector in accordance with the highest international standards. On the real estate sector as a whole, encourages investment and promotes economic development and sustainable growth in Abu Dhabi.Accords and similar agreements provide the best law enforcement and real estate regulations.

As the implementation of the real estate law has affected many positive indicators, the most important is the trust and credibility that have become the framework of the relationship between all actors of real estate development, as well as the l & # 39; improved marketing and promotion of real estate. Protect the rights of investors.

He emphasizes that the real estate sector operates in accordance with Law No. 3 of the year 2015, entered into force on January 1, 2016. The law contains 7 executive regulations that promote the principles of governance and transparency and protect the rights of all parties involved. Landlords, mortgage insurance, the project guarantee account and finally the executive regulation on licenses.

The Municipality of Abu Dhabi City has confirmed that these five agreements are part of a series of agreements previously signed with the partnership. Developing a property The agreements help to improve the quality of services provided to investors and citizens and residents of the Emirate of Abu Dhabi, explaining that the role of the municipality in this regard

According to the agreements The municipality has indicated that the developer can not withdraw any amount from the project allocation before completing 20% ​​of the actual project milestones.

The Municipality states that the continuation of this process of implementation of real estate law contributes to the creation of a new sustainable stage of growth and prosperity in the land and real estate sector, benefiting the Local economy and the business world. The five projects will have a significant impact on the development of the island of Saadiyat, attracting both investors and residents.

The municipality has stated that the project guarantee account executive bylaws are intended to protect the rights of individual and institutional investors who buy on the map and wish to pay for units during the construction process. These funds are not used for projects or for other purposes, all under the supervision and supervision of the planning department and municipalities.The escrow account is managed by the chartered accountant of the bank to provide escrow account services. The trusteeship agreement will be signed in accordance with the law and regulations, while the escrow agreement will serve as a template between the account manager and the promoter for each project and will be exempt from providing the escrow account for the existing and completed projects of at least 70%. –

© Press release 2018