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Two billion dirhams spent from Dubai escrow accounts ? RERA boss Bin Ghalaita
By Damian Reilly
Tuesday, 7 December 2010 8:29 AM
Two billion dirhams ($545m) have gone from the escrow or trust accounts into which investors in Dubai?s real estate sector place their deposits, CEO of RERA, Dubai?s real estate watchdog, Marwan bin Ghalaita has said.
Speaking exclusively to Arabian Business, bin Ghalaita said: ?When we started the escrow account [at the end of 2007], in the first few months I used to have AED7 billion in my escrow accounts. AED7 billion. Imagine how much I will have if it had started from the beginning [of the real estate boom]. I will be the wealthiest agency in the world, I think.?
He said that figure had now diminished to AED5 billion: ?I have about five billion in the escrow accounts. Five billion?. Yes. And how this two billion has gone? For construction.?
Bin Ghalaita said that in Dubai until recently, developers had been able to tap escrow account funds to pay for costs related to construction.