Investment firms set up mortgage provider |
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Thursday, Nov 27, 2008
Gulf News
Abu Dhabi: Five of Abu Dhabi's major investment, real estate and finance companies on Wednesday announced the launch of a new mortgage provider, Abu Dhabi FinanceAbu Dhabi Finance
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Established with an initial capital of Dh500 million, the company will service clients purchasing property in Abu Dhabi and throughout the UAE.
"Abu Dhabi FinanceAbu Dhabi Finance will provide liquidity to a market where demand remains high for property," said Ali Eid Al Muhairi, chairman of Abu Dhabi FinanceAbu Dhabi Finance, in a statement.
Abu Dhabi Commercial BankAbu Dhabi Commercial Bank, Aldar PropertiesAldar Properties, Mubadala Development CompanyMubadala Development Company, Sorouh Real EstateSorouh Real Estate PJSC and the Tourism Development and Investment Company (TDIC)Tourism Development and Investment Company (TDIC) are shareholders in the new finance company, which will initially provide mortgages to home buyers in Abu Dhabi.
Abu Dhabi FinanceAbu Dhabi Finance will offer mortgages with a wide range of benefits, including loan-to-value ratios of up to 85 per cent, loan terms of between 3 and 30 years, flexible repayment methods and debt service ratios of up to 55 per cent.
"There will be more choice now for end-buyers to get mortgages to fund their homes to live in. This is good news for the consumer and will also help boost confidence in the real estate market," Aldar PropertiesAldar Properties Marketing and Media Director Osama Gannoum told Gulf News.
Real estate investment advisory firm Jones Lang LaSalle's managing director of Middle East and North Africa (MENA) region Blair Hagkull said the introduction of a new source of capital is promising.
© Gulf News 2008. All rights reserved.
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