Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Wednesday announced that it signed a memorandum of understanding (MoU) to partner on escrow services with the Saadiyat Development Investment Company (SDIC).
The MoU enables SDIC to set up an escrow account for Hidd Al Saadiyat project as a means of supporting the progress that has taken place in all stages of the project, according to a press release.
The agreement also gives ADIB first refusal to supply escrow services on future projects developed by SDIC, the bank added.
Hidd Al Saadiyat development, managed by LEAD Development, comprises of nearly 1.5 million square meters of natural beachfront land and 7 km of waterfront, located in Saadiyat Island, the cultural district of Abu Dhabi, the bank noted.
“This new agreement will further ensure the smooth transition and completion of our highly anticipated Hidd Al Saadiyat project.” SDIC director of finance Ali Yassin said.
“Through our escrow services, we provide an important function in the relationship between the developer and property buyers, and contributing to the success of this project.” Mohammed Al Fahim, region head of corporate banking at ADIB, said.
