Dubai-headquartered Mashreq Bank has signed an MoU with the Dubai International Financial Centre (DIFC), enabling the bank to operate escrow accounts in the jurisdiction.
Mashreq, which was founded as Oman Bank in 1967, is the oldest privately owned bank in the UAE, and was the first to issue credit cards in the country.The DIFC agreement means that Mashreq Bank is registered to provide services to owners' association companies.
The agreement was signed by Zain Qureshi, managing director and head of Real Estate Finance and Advisory at Mashreq Bank and Jaber Al Suwaidi, senior vice president and registrar of Real Property at the DIFC Authority.
We are committed to supporting the real estate sector of the UAE, a vital pillar of the national economy. This partnership with DIFC will ensure that owners' associations as well as their individual member's banking needs are being catered for."
In a statement Ahmed Abdelaal, CEO of Mashreq Bank, said: "We are committed to supporting the real estate sector of the UAE, a vital pillar of the national economy. This partnership with DIFC will ensure that owners' associations as well as their individual member's banking needs are being catered for."
"Moreover, the services will effectively safeguard and control appropriate utilization of their funds, while offering them with quick and seamless service, as and when they need it."
Arif Amiri, CEO of DIFC Authority, commented: "We are pleased to sign an MoU with Mashreq Bank, one of our strategic partners, to support its services to real estate developers and owners' association based in the Centre. Supporting our clients is a key priority as it truly reflects our dedication to providing an enabling ecosystem from which financial institutions can thrive.
"As we commence our bold expansion plans, we look forward to delivering a robust regulatory environment and building a closer partnership with Mashreq Bank."
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YD
MA is based in Ankara and unites a variety of construction sector interests controlled by the
Arslan family. It was first established in 1993 following the death of the family's patriarch
Yaser Dede Arslan ("Yaser Arslan") and took ownership of Aksa İnşaat, a construction
company he had established during the 1970s. YDA is owned by the late Yaser Arslan's sons
Huseyin Arslan and Cuneyt Arslan and their immediate families.
The Arslan family is ethnically Kurdish and originates from the province of Malatya in eastern
Anatolia, although Huseyin Arslan and Cuneyt Arslan have spent much of their lives in
Ankara, to where Yaser Arslan relocated his business interests. Aksa İnşaat enjoyed its initial
success during the early liberalisation of the Turkish economy overseen by the Motherland
Party ("ANAP") governments of Turgut Özal in the 1980s. It has continued to enjoy success
over the past decade under Turkey's current ruling Justice and Development Party ("AKP"),
which has overseen a massive drive to expand and develop the country's national
infrastructure.
Over the past two decades YDA has won a number of major public works contracts backed by
the Turkish state, including the construction of schools, hospitals and residential
developments. One of its most significant civil works contracts was the Build Operate
Transfer tender for the new international terminal at Dalaman Airport it won in 2003. It has
also subsequently bid unsuccessfully at tenders for the privatisation of the Kangal Thermal
Power Plant and the management of the Iskenderun port.
In recent years YDA has extended its area of focus along the value chain to include
insurance, airport management, plumbing and heating installation, although most of this
appears to support its construction business, which remains its core activity. YDA's insurance
arm for instance has provided coverage for the group's most significant recent construction
projects.
YDA has a significant portfolio of business interests outside Turkey, especially in Kazakhstan,
where it has a close partnership with the Turkish-owned Turkuaz construction Group.
Turkuaz and YDA partnered on the construction and management of a new terminal for Aktau
Airport in Kazakhstan, which they won at a 2007 tender through the joint venture ATM Group
International Airport Construction. YDA was also part of a consortium which unsuccessfully
bid for work on the development of Madinah Airport in Saudi Arabia in 2010. Corporate
brochures published by YDA note that it is currently involved in joint ventures in Kazakhstan,
Russia, Moldova, Saudi Arabia and the United Arab Emirates.
YDA is one of a small number of major Turkish construction groups that have not been
subjects of the wide-ranging corruption and bribery investigations launched by Turkish law
enforcement agencies in December 2013. These investigations target the alleged close
collusion between Recep Tayyip Erdoğan and his close allies within the AKP and
a clique of major Turkish construction groups which reportedly received preferential treatment
in privatisation tenders and the award of government business in return for their political
support. The investigations are rumoured to be driven by a broader conflict within the AKP
between Erdoğan and the supporters of Fethullah Gülen.
09 January 2020
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