First Gulf to run escrow services
First Gulf Bank, Abu Dhabi's second largest lender by market value, said on Saturday it won approval from the Dubai government to open trust accounts for property developers.
Dubai passed a law last year requiring developers to place funds from sales of any unfinished units in trust accounts, until the developments are at least partially completed to protect investors from construction delays. The accounts are known as escrow services.
mortgage lender can take deposits from the public.
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