To: All Banks Operating in the State of Qatar

Subject: Instructions to Create and Operate a Real Estate Development Escrow Account

After reviewing Qatar Law No. 6/2014 on the Regulation of Real Estate Development, Qatar Law No. 5/2023 amending certain provisions of Qatar Law No. 6/2014 on the Regulation of Real Estate Development, and Qatar Emiri Decree No. 28/2023 on the Establishment of the General Authority for Regulating the Real Estate Sector, in order to regulate banks' handling of escrow accounts for real estate development purposes and to establish the regulatory controls for managing and overseeing these accounts, we attach the instructions for the Creating and operating of real estate development escrow accounts.

All banks must comply with these instructions from the date hereof, and a six-month period is granted for banks to adjust their status and update their systems. Penalties will be imposed in accordance with the provisions of the Qatar Central Bank Law and the Regulation of Financial Institutions issued under Qatar Law No. 13/2012 on all non-compliant banks.

Best regards