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Dubai, UAE – Noor Bank, a leading Shari’a-compliant bank in the UAE, today announced that it has partnered with DAMAC Properties, a leading luxury real estate developer in the region, to offer attractive financing options for select residential units.
Under the collaboration, Noor Bank is set to provide preferential terms for end-user financing to resident as well as non-resident clients. As part of the agreement, the bank has also established a dedicated team for DAMAC’s customers that will ensure the highest quality of service delivery.
Speaking about the partnership, Pawan Dhawan, Head of Home Finance at Noor Bank, said: “Through tying in with a renowned regional developer, Noor Bank once again enhances its competitive offering of home financing solutions. Our collaboration with DAMAC allows UAE national and expatriate customers to benefit from some of the most competitive prices for high-end residential units in the market. We are confident that this bundled proposition will attract High Net-worth Individual clients who will benefit from this offering.”
Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “In the UAE, investors and end-users continue to find the property market attractive with higher long-term returns than other comparable markets. The real estate industry represents one of the main pillars of the UAE’s economy, which is to a considerable extent driven by foreign investment. With institutions such as Noor Bank easing up home finance for end-user residents and non-residents looking to buy property in the UAE, we could see a further boost in the UAE property market and the country’s economy at large, helping the emirate maintain the interest of foreign investors who are an indispensable catalyst for market growth.”
Noor Bank and DAMAC concluded their first joint campaign promoting favourable home finance solutions, on 4 February at an exclusive event at the DAMAC Hills Sales Center in Dubai. In addition to preferential pricing, the bank offered personalised service, discounted processing fees, and many other benefits to buyers of select DAMAC luxury residential units. DAMAC on the other hand, offered a waiver of up to AED50,000 on the price of the property, as part of the event.
The event is the first of many set to take place throughout the year, as Noor Bank and DAMAC aim to target the rising high-net-worth individual segment in the region with attractive home finance offers and discounts.
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About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Shari’a Supervisory Board, comprising of leading Islamic scholars, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
About DAMAC Properties:
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.
As of 30th September 2016, DAMAC Properties has delivered approximately 16,800 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.
Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACofficial) and YouTube.
For media enquiries, please contact:
Daniel Chinoy
APCO Worldwide
Mobile: +971 50 2553402
Email: dchinoy@apcoworldwide.com
For more information, please contact: Niall McLoughlin, Senior Vice President, DAMAC Properties. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com
© Press Release 2017
