Abu Dhabi City Municipality has signed five Real Estate Escrow Account agreements with AlDar Properties to build about 1,500 residential properties on Saadiyat Island.
The agreements cover areas including Al Saadiyat Walk, Jawher Al Saadiyat, Leilak, Azur, and Turquoise for the construction of residential villas or property units.
Saif Badr Al Qubaisi, general manager of Abu Dhabi City Municipality and Eisa Omair Al Mansouri, head of the Lands and Properties Sector signed the five deals, with Abu Dhabi Commercial Bank as the account trustee.
Al Qubaisi said: "The implementation of the Real Estate Law No. (3) for 2015 echoes the commitment of the Department of Urban Planning and Municipalities to streamline the real estate market to bring it in line with the highest international standards.
“The aim is to ensure a haven for the interests of investors and all related parties for the benefit of the entire real estate sector.”
Al Qubaisi added that he believes the deals will assist in attracting investments, while also “boosting the economic development and the sustained growth in Abu Dhabi”.
According to a statement, the five agreements are part of a series of agreements signed earlier with property developers and leading banks in the sector.
The municipality will continue to enlist property development companies and banks to support the implementation of the real estate law, the statement added.