Tamweel hosts escrow management workshop for real estate developers
Tamweel PJSC, the largest provider of real estate finance in the UAE, today (November 26, 2007) hosted over 50 real estate developers at an escrow account management workshop aimed at providing them with increased awareness of the escrow structure.
• Over 50 developers attend Tamweel workshop in Dubai
• Tamweel, RERA and legal advisors lead session
• Developers briefed on all aspects of escrow account management
• Tamweel first real estate financier named escrow account agent
The interactive workshop was moderated by representatives of Tamweel, the first real estate financier to be appointed an official escrow agent; the Real Estate Regulatory Agency (RERA), a government entity operating under the umbrella of the Dubai Land Department; and legal advisors.
As a provider of escrow management services (EMS), Tamweel offers real estate developers guidance in successfully completing all relevant Land Department processes, including account opening and balance management services, comprehensive management information systems on account receivables and payables, and timely payments to all stakeholders. In addition, Tamweel provides developers the option to outsource management of their receivables though Tamweel's own collection management service department, register their buyer units and audit the cash flow of their projects.
Since it was established in 2004, Tamweel has worked closely with developers on projects of various scale and designed for a variety of end users. As a result, the company has established transparent and efficient processes for project approvals that are similar to the recently introduced escrow account procedures. With this significant track record, Tamweel is able to provide efficient and transparent Sharia-compliant escrow management services, with extremely competitive profit rates. Through its dedicated Relationship Managers, the company is able to provide all these services via a single point of contact.
The Chief Executive Officer of Tamweel, Adel Al Shirawi, highlighted the importance of the company's longstanding relationship with the Dubai Land Department towards increasing transparency and efficiency in the market. 'Working closely with the Land Department, Tamweel has earned a reputation as a trusted provider of real estate finance,' he said, 'and we are pleased to extend our services to developers seeking an experienced partner to meet their escrow account management needs. Today's workshop is an extremely valuable opportunity for these developers to better understand the escrow model, as well as the broad range of services Tamweel can provide for them in this regard.
'We are proud to be first real estate financier to be appointed as an official escrow agent,' Al Shirawi continued. 'Working together with RERA and leading legal firms, we will continue to contribute to the increased confidence of investors and end users in the long-term stability of the real estate sector in Dubai.'
The Tamweel workshop was held at the Shangri-La Hotel in Dubai from 8:30AM-11:30AM on Monday, November 26, 2007.
