ABK-UAE becomes first Kuwaiti and GCC bank to obtain ADREC license as real estate escrow agent in Abu Dhabi

KUWAIT CITY, May 6:  Strengthening its role as a trusted financial partner, Al Ahli Bank of Kuwait – United Arab Emirates (ABK-UAE) has announced its official appointment by the Abu Dhabi Real Estate Centre (ADREC) to act as an Escrow Account Agent in the Emirate of Abu Dhabi. With this appointment, the Bank becomes the first Kuwaiti and GCC bank to obtain this license, reinforcing the alignment between the Bank’s strategic direction and the Abu Dhabi Government’s vision to provide a secure and well-regulated investment environment.

Giel-Jan Van M. Der Tol, GCEO

Omar Wahby, Chief Executive Officer of ABK-UAE

Osama Al Hamadani, Deputy Chief Executive Officer and General Manager of Wholesale at ABK-UAE

ADREC logo

ABK logo

This appointment reflects the continued trust placed in ABK-UAE, driven by its disciplined governance framework, regulatory compliance, and continuous efforts to enhance its competitive position while diversifying its offerings and products for all customer segments in the UAE market at the highest service standards.

The license further underscores the Bank’s strong commitment to expanding its footprint in the rapidly growing real estate sector in the region. The service enables real estate developers to collect payments from buyers of off-plan units or project financiers and deposit them into designated, regulated escrow accounts at the Bank, thereby safeguarding the interests of all parties and enhancing investor confidence in the real estate sector.

On this occasion, Giel-Jan M. Van Der Tol, Group Chief Executive Officer of ABK, stated, “Our partnership with ADREC is a testament to the commitment of ABK-UAE to operating in line with UAE’s regulatory framework and contributing responsibly to the market’s development. We are proud to contribute to strengthening the real estate sector, which represents a key pillar of the local economy, by providing world-class real estate escrow services aimed primarily at facilitating the flow of regional investments into the country.”

He added, “Our appointment as an escrow account agent aligns with our strategy to provide specialized banking solutions that support the UAE’s economic vision and further strengthen our presence within the UAE banking sector.”

He explained that this follows its appointment to provide the same service in the Emirate of Dubai in late 2024, as well as the launch of its mortgage loan product and the establishment of its Corporate Service Desk in the UAE, which offers multiple advantages to serve companies operating in the country. He noted that these steps position ABK among the licensed escrow account agents supporting the UAE’s dynamic real estate sector.

On his part, Engineer Sultan Al Memari, Acting Executive Director of ADREC, said, “The licensing of ABK-UAE as the first GCC bank to act as an escrow account agent in Abu Dhabi signals the increasing participation of regional institutions in the market. The expansion of licensed escrow agents is carefully managed to ensure that all entities meet the standards required to support off-plan developments and safeguard project funds. This supports broader regional and international participation, while maintaining a stable and well-managed transaction environment.”

From his side, Omar Wahby, Chief Executive Officer of ABK-UAE, said, “The introduction of escrow agent services in Abu Dhabi comes as part of our commitment to developing financial solutions that support urban development and meet investors’ aspirations, serving as a fundamental pillar in safeguarding the rights of all parties involved in real estate transactions.”

He noted that this service acts as a safeguard connecting developers and buyers, transforming the buying and selling process into a structured, secure experience aligned with the highest regulatory standards in the market.

He added, “We believe that customers seek a trusted partner who protects their savings and ensures a worry-free property ownership journey. Through this service, ABK-UAE will provide the technical, technological, and financial support required to meet all customer needs and requirements, in line with the highest standards of transparency in the market.”

In addition, Osama Al Hamadani, Deputy Chief Executive Officer and General Manager of Wholesale at ABK-UAE, stated, “This appointment reflects the continued success we are achieving in the UAE, the strong capabilities of our team, and our dedication to introducing new products and services that keep pace with market developments and meet the expectations of both individual and corporate clients.”

Al Hamadani added that, through this appointment, the Bank will offer real estate developers a comprehensive range of benefits, including structured escrow administration, monitoring of cash flows and reporting, efficient audit coordination, controlled disbursement mechanism, and adherence to established regulatory standards.

He further highlighted the provision of a robust regulatory framework for developers and off-plan buyers, ensuring that financial disbursements are strictly linked to approved project expenses. He also revealed that the next phase will focus on launching of digital solutions for managing escrow accounts.

Since its establishment in 1967, ABK has progressed to become one of the leading Kuwaiti banks in the region that offers a wide array of personal, corporate, and private banking products and services. ABK also provides a broad range of local, regional, and global investment solutions and services through its subsidiary, ABK Wealth Management.

Across the region, the Bank offers individuals and corporates the convenience of comprehensive banking and financial services in the Egyptian market through ABK-Egypt’s network of 46 branches.

This is in addition to ABK’s three branches located in Dubai, Abu Dhabi, and Dubai International Financial Centre (DIFC) in the United Arab Emirates, servicing both Kuwaiti and Emirati individual and corporate clients.

ABK is a strong supporter of Central Bank of Kuwait and Kuwait Banking Association’s 'Let's Be Aware' awareness campaign. Through its various initiatives, the Bank aims to promote financial inclusion by educating Kuwaiti society about customer rights, responsibilities, and the different types of banking and special needs services. Additionally, ABK consistently provides strategic information on how to avoid banking and financial fraud, loan application requirements, digital services, and more.

For more information about ABK, please follow the Bank’s Instagram account @abk_kuwait, visit eahli.com, contact Ahlan Ahli 1 899 899 or visit one of the Bank’s branches across Kuwait.

The Department of Municipalities and Transport (DMT) launched the Abu Dhabi Real Estate Centre (ADREC) to accelerate growth across the real estate ecosystem in the emirate. ADREC unifies and strengthens the real estate sector in Abu Dhabi through a comprehensive regulatory framework to further enhance the efficiency of real estate and strengthen oversight, as well as increase transparency and support for residents, investors, real estate companies and professionals. ADREC’s strategy is centred around four key pillars: Real Estate Strategy, Real Estate Promotion, Real Estate Regulation, and Real Estate Transactions Management.

www.adrec.gov.ae