Doha: Qatar Central Bank (QCB), in coordination with the Real Estate Regulatory Authority - Aqarat, has issued instructions on the creation and operation of real estate development escrow accounts. The statement, released on Sunday, highlights QCB's efforts to regulate banks' dealings with escrow accounts specifically for real estate development. This initiative aims to establish controls and ensure banks contribute effectively to activating the real estate sector.

According to Qatar News Agency, the circular is designed to streamline the process of operating escrow accounts for development purposes. It provides guidelines for obtaining necessary approvals, regulating off-plan sales, and managing deposits and withdrawals from these accounts. The instructions are accessible on QCB's official website for further review.