Umm Al Quwain - October 2025:

National Bank of Umm Al Quwain (NBQ) has signed an agreement with the Real Estate Regulatory Agency (RERA), the regulatory arm of the Dubai Land Department, to become one of the approved banks as escrow trustees for managing and holding escrow accounts for real estate projects in the Emirate of Dubai.

Under this agreement, Umm Al Quwain National Bank will open and manage escrow accounts for real estate developers carrying out projects in the Emirate of Dubai, in support of the mission of the Real Estate Regulatory Agency (RERA), which aims to enhance transparency, protect investors’ funds and ensure the highest standards of governance and compliance in Dubai’s booming real estate sector.

Mr. Adnan Al Awadhi, CEO of Umm Al Quwain National Bank, said : “We are proud  of our partnership with the Dubai Real Estate Regulatory Agency as an authorized bank for managing escrow accounts. This partnership reflects Umm Al Quwain National Bank’s commitment to expanding its services and products for its customers and enhances the bank’s position as a key player in the banking sector in the country. We are confident that our innovative escrow account product will be a valuable addition to the real estate sector in Dubai.”

It is worth noting that the escrow account system was introduced by the Real Estate Regulatory Agency (RERA) to regulate the flow of funds in real estate development projects and ensure that payments collected from buyers are used exclusively for project purposes. This regulatory framework is a key element in maintaining market stability and supporting Dubai's economic and investment strategies.