'All Funds Paid For Residential Units Will Be Under Direct Supervision'

Doha: Chairman of the Real Estate Regulatory Authority (Aqarat), Eng. Khalid bin Ahmed Al Obaidli, stated that the Authority was able, within a short period of time, to implement laws related to real estate development, including the escrow account, which represents a qualitative leap in this sector as it enhances transparency and investor confidence.

Al Obaidli added, in press statements on the sidelines of the first banking forum organised by the Authority, that the escrow account will be under the supervision of the Authority, meaning that all funds paid for residential units will be under the direct supervision of the
Authority.

In the same context, he pointed out the approval of the initial bond, that will be available for all residential units sold off-plan under the Authority's license and direct supervision.

The Chairman confirmed that the first meeting with the banks aims to communicate with the private sector and banks to consider mechanisms and procedures to stimulate the real estate sector and provide incentives and distinguished products. He pointed out that the Authority benefited from some of the proposals and information provided by bank officials and representatives to enhance cooperation to advance the real estate market.

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