Amlak launches Trust Account services Amlak achieved yet another milestone this August with the approval from Dubai Land Department to launch Trust Account services. This begins Amlak’s service expansion to real estate developers which will ultimately ensure protection for all home owners and institutions. In a Trust Account, an organisation, called a trustee, handles property for the benefit of another person, the beneficiary.
Arif Alharmi with Sultan Butti Bin Mejren Through this new development, Amlak will offer turnkey solutions to real estate developers, thereby creating hassle-free dealings, efficiency, and thoroughness in the property development process - from actual development to end-user customer service. In addition to offering Trust Account services, Amlak will also offer financial flexibility to the home owner, offer unit sales services, after-sales monitoring and customer service follow up, legal documentation, and construction finance for major developers. The introduction of these new services will complement the two recently implemented government initiatives: the establishment of the Real Estate Regulatory Authority and the issuance of Law no. 8 of the Trust Account services. These advances will protect all participants in the real estate sector, from the property developer to the financial institution to the end user and the investor. According to Director General of the Government of Dubai Land Department, Sultan Butti Bin Mejren, "the agreement between Dubai Land and Amlak Finance will help ensure the ultimate protection of all end users and institutions, while contributing to the development of the Real Estate market in the Emirate".