ADIB enters escrow partnership with SDIC on prestigious Abu Dhabi real estate development
ADIB has signed an MoU to partner on escrow services with the Saadiyat Development Investment Company (SDIC), which is developing a luxury beach-side residential development in Abu Dhabi’s cultural hub, Saadiyat Island.
In alignment with Abu Dhabi’s Department of Municipal Affairs and Transport recently introduced Property Law – No. (3) of 2015, the MoU enables SDIC to setup an escrow account for Hidd Al Saadiyat project as a means of supporting the progress that has taken place across all stages of the project.
Ali Yassin, Director of Finance, SDIC commented: “We are proud to announce our new partnership with ADIB. This new agreement will further ensure the smooth transition and completion of our highly anticipated Hidd Al Saadiyat project.”
“ADIB is entering partnerships with real estate developers that are delivering outstanding projects to meet end-user demand,” said Mohammed Al Fahim, Region Head – Corporate Banking, Abu Dhabi, at ADIB. “Hidd al Saadiyat, developed by SDIC, is truly unique project on pristine beach-front land in a highly prestigious location in Abu Dhabi. Through our escrow services, we provide an important function in the relationship between the developer and property buyers, and contributing to the success of this project.”
The agreement also gives ADIB first refusal to supply escrow services on future projects developed by SDIC.
Hidd Al Saadiyat, which comprises of nearly 1.5 million square metres of natural beachfront land and seven kilometres of waterfront with easy access to the beach from every unit, is conveniently located in Saadiyat Island, the cultural district of the capital. Hidd Al Saadiyat is surrounded by world-class hotels, resorts and museums, offering a perfect blend of community living.
Hidd Al Saadiyat is a development managed by LEAD Development.