ArabianBusiness.com report that HSBC, Dubai Islamic Bank (DIB) and Badr Al-Islami, the Islamic banking division of Mashreq, opened the trust accounts as a result of Law No.8 which now asserts mandatory use of the account when buying an off-plan property in Dubai.
Mubashar Khokhar, CEO of Badr Al-Islami, said that the account would not only be “stringent” but would also make buying off-plan “more transparent”.
Meanwhile some earlier off plan properties are coming to completion, Diamond Investments, a sister company of Diamond Developers, has announced finishing the handover process of Marina Diamond III, the third in the series of six buildings in the Dubai Marina. Commenting on the event, Fares Saeed, CEO of Diamond Investments said: “It is a pleasure to see our third building in the Marina full of the new owners and tenants. We are pleased to provide our customers with a different lifestyle full of relaxation in the Marina, where they can enjoy all the facilities available in this project. We expect to deliver Marina Diamond IV, V and VI later this year – which increases, along with the handover of Marina Diamond III, the total supply of residential units in Dubai by 1300 homes the handover of Marina Diamond III plays a role in alleviating the supply crunch in Dubai’s real estate market”
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