| 24 Aug 2008 |
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Sorouh signs first financing MoU for The Gate District
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ADCBADCB
first bank for residential loans for The Gate Towers24th August 2008 - Abu Dhabi, UAE: Sorouh Real EstateSorouh Real Estate
PJSC, one of the leading Abu Dhabi-based property developers, today announced the signing of a memorandum of understanding with Abu Dhabi Commercial Bank (ADCB)Abu Dhabi Commercial Bank (ADCB) for the financing of residential sales at The Gate Towers, part of SorouhSorouh's flagship project SHAMS Abu Dhabi, on Al Reem Island. ADCBADCB is the first bank to date to approve financing for residential property sales for towers 1-3 in The Gate District, a joint venture between SorouhSorouh and Tameer Holding InvestmentTameer Holding Investment LLC. The joint venture unites the experience, industry knowledge and skill of both property developers, enabling them to create innovative projects.
Mounir Haidar, Chief Executive Officer, SorouhSorouh, said:
"Abu Dhabi Commercial BankAbu Dhabi Commercial Bank
is a key business partner for SorouhSorouh. We are delighted that ADCBADCB has approved residential loans for The Gate Towers as there is already great interest in this property and, with our joint venture partner TameerTameer, SorouhSorouh is looking forward to work with the ADCBADCB team to help our customers own their own home in Abu Dhabi."The ADCBADCB financing options available to SorouhSorouh customers include the best repayment period in the UAE - up to 25 years. ADCBADCB will finance up to 90 per cent of the property value, ADCBADCB also offers a 0 per cent early settlement fee, subject to conditions.
Mr. Ala'a Eraiqat , Deputy Chief Executive Office, ADCBADCB
: "We are proud to be the first bank to partner with SorouhSorouh and TameerTameer for their joint venture - The Gate - and to offer an attractive mortgage scheme for customers. ADCBADCB has always focused on introducing customer-friendly finance schemes and our customer-centric strategy is evident from the fact that we offer the most competitive product in the market with unparalleled service."
The Gate Towers is located at the entrance of SHAMS Abu Dhabi, and is an eight-tower, mixed-use development that includes the 74-storey Sky Tower and the 65-storey Sun Tower.
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PJSC is one of the UAE's leading property companies, with more than AED 100 billion worth of projects under development. Established in June 2005 with a capital of AED 2.5 billion, SorouhSorouh is now one of the largest real estate developers on the Abu Dhabi Securities Exchange. In July 2008, the company's market capitalization was AED 23.2 billion with approximately 40,000 shareholders.SorouhSorouh is active internationally, with up and coming projects in Egypt and Morocco. Working in master-planning, master-development and property related fields, SorouhSorouh has some of the region's most important developments underway, including Abu Dhabi's Lulu Island, SHAMS Abu Dhabi, The Gate District at SHAMS Abu Dhabi, Alghadeer, Saraya and Golf Gardens, all developed in close cooperation with the Abu Dhabi Government and its vision for the future. Additionally, SorouhSorouh has developed partnerships with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment opportunities within SorouhSorouh's real estate portfolio.
SorouhSorouh has received international recognition for its projects. Recent awards include:
- Best New Business - Middle East Business Achievements Awards 2007
- Best Commercial Project for the Gate District - Abu Dhabi Cityscape 2007
- Best development, Central Park, Shams Abu Dhabi - CNBC Arabian Property Awards 2007
- Best Customer Service Company - Real Estate category, Middle East Excellence Awards Institute 2008
About ADCBADCB
:Abu Dhabi Commercial BankAbu Dhabi Commercial Bank
- ADCBADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking, ADCBADCB provides treasury derivative services, infrastructure finance, private banking, wealth management and property management services.Our approach is driven by an ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCBADCB enjoys one of the largest deposit bases with total assets as at 30/6/2008 of AED 128 billion and net profit for the second quarter of 2008 of AED 655.4 million.
Our strong franchise, supported by a network of 43 branches in the UAE including 2 pay offices, 2 kiosks and total number of 126 ATMs covering most prime locations all over the UAE besides 2 full fledged branches in India is reflected in our recent rating of Aa3, which is the highest awarded to a bank in the Middle East.
The Government of Abu Dhabi, through Abu Dhabi Investment Council holds 65% of the capital while the rest is held by various UAE Institutions and Nationals and foreign investors. ADCBADCB's market capitalization as of 30/06/2008 was AED 24.5 Billion approximately US$6.7Billion. For more information, please visit us on www.adcb.com.
For more information, please contact:
Amel Saad
Senior Corporate Communications Officer
Sorouh Real EstateSorouh Real Estate P.J.S.C.
Tel: +971 2 697 8956 / +971 50 825 24 18
asaad@sorouh.com
Emily Hewitt / Lis Griffiths
Four Communications Group Abu Dhabi
Tel: +971 55 985 3371 / +971 55 985 3368
Sorouh@fourcommunications.com
Farah Kais
Communications Coordinator
ADCBADCB, Head Office
Tel: +971 2 696 2380
Fax: +971 2 677 6499
www.adcb.com
Farah.k@adcb.com
© Press Release 2008
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