Tribune News Network
Doha
Commercial Bank, a leader in innovative banking solutions, is the first bank in Qatar to introduce Real Estate Escrow accounts in collaboration with the Real Estate Regulatory Authority (Aqarat).
Real Estate Regulatory Authority (Aqarat) announced the implementation of Law No. (6) of 2014 on regulating the real estate sector in a press conference. This initiative reaffirms the Authority’s commitment to developing the sector and enhancing the real estate investment environment in alignment with Qatar National Vision 2030.
Real Estate Regulatory Authority President Engineer Khalid bin Ahmad Al Obaidli said, “The establishment of the Real Estate Escrow Account came as a result of the partnership with Qatar Central Bank, which mandates real estate developers to open a dedicated bank account for each project. This ensures that the buyers’ funds are exclusively used for the execution of the project, safeguarding their rights and enhancing transparency and credibility in real estate transactions.”
“Moreover, the agreement signed between the authority and the Commercial Bank emphasises the commencement of the bank’s implementation of the Real Estate Escrow Account system.”
Commercial Bank Group Chief Executive Officer Joseph Abraham said, “Signing the memorandum of understanding with the Real Estate Regulatory Authority, Aqarat, marks another milestone in Commercial Bank’s continuous efforts in supporting the real estate sector in Qatar. We would like to congratulate Aqarat on this pioneering achievement which will further strengthen and bring strong protection and confidence for all parties in the real estate sector. As we look ahead, we remain committed to our long-term vision and that is providing more accessible, secure, and customer-centric financial solutions for our corporate and personal customers and this escrow account facility is an important step in this direction.”
Ali bin Abdulla Al Thani, AGM, head of government and public sector at Commercial Bank, said, “At Commercial Bank, we put the nation’s goals at the heart of ours. We are proud to be the first bank in Qatar to offer the Real Estate Escrow account in collaboration with the Real Estate Regulatory Authority (Aqarat), and this is considered a vital step in enhancing transparency, building trust, and driving sustainable growth in Qatar’s real estate sector.”
Looking ahead, Commercial Bank will continue to support the nation’s aspirations for economic diversification and comprehensive development.
