Dubai Land Department Partners with International Development Bank to Enhance Real Estate Transparency

Dubai Land Department (DLD) has added the International Development Bank (IDB) – UAE Branch to its list of authorized banks, following a landmark agreement appointing the bank as an escrow account trustee for real estate development projects in Dubai.

The agreement, signed in the presence of H.E. Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, and Dr. Ziad Khalaf, Chairman of the Board of Directors of IDB, highlights the significance of public-private sector partnerships in fostering sustainable growth in Dubai’s real estate market.

Mohammed Al Bidwawi, Acting CEO of the Real Estate Regulatory Agency (RERA) at DLD, and Hani Idris, CEO of IDB, formalized the agreement after IDB met all legal requirements for managing real estate escrow accounts. These accounts are mandated for developers to ensure proper allocation of funds, regulate project development, and safeguard investors' rights.

“This step enhances transparency and protects stakeholders' rights, reflecting DLD’s commitment to strengthening financial partnerships and improving the emirate’s real estate appeal,”

said Al Bidwawi.

Dr. Ziad Khalaf emphasized the bank’s dedication to Dubai’s Economic Agenda D33, stating,

“This partnership supports Dubai’s position as a global investment hub while facilitating economic cooperation between Iraq and the UAE.”

Under the agreement, IDB will open separate escrow accounts for each real estate project, ensuring financial resource management adheres to regulatory standards. This initiative reinforces DLD's focus on transparency, investor protection, and sustainable development through international best practices.

By integrating trusted banking institutions into its framework, Dubai continues to cement its reputation as a leading real estate investment destination.

News Source: Dubai Media Office