Regulatory Alerts2024-05-23
Off-Plan Development Regulations (Project Account) Rules 2024
The Board of Directors of the Abu Dhabi Global Market enacted these Rules to mandate the establishment and management of dedicated Project Accounts for all off-plan sales and phased developments. Developers are required to deposit all sale proceeds and financing into accounts held with registered Account Banks, with disbursements strictly limited to development costs and contingent upon Registrar approval and Engineering Auditor certification. The framework establishes a Register of Account Banks, defines registration criteria and obligations, and outlines specific sanctions and enforcement powers for non-compliance.
Share