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Naseej-KHCB sign escrow deal for CanalView project

Bahrain Business
Mon, 03 Jul 2017
GDN Online Desk
1 of 2

MANAMA: Naseej has signed an escrow account agreement with Khaleeji Commercial Bank (KHCB), under which the bank will be the real estate development agent for the CanalView project on the island of Dilmunia off Muharraq. The escrow account model agreement is in accordance with Law No 28 of 2014 and the Central Bank of Bahrain’s Resolution No 20 of 2016, which protects buyers and all stakeholders in development projects by ensuring that the utilisation of funds raised be solely for the developments in which they have invested.