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• NBAD is the first bank in the UAE to offer finance to Egyptian expatriates buying properties in their home country
• More than 300,000 Egyptians are living in the UAE
Abu Dhabi - National Bank of Abu Dhabi (NBAD) has launched a new program for Egyptian expatriates to purchase, finish or furnish residences in their home country. NBAD's real estate programme can finance up to 70% of unit value, for Egyptian expatriates in the UAE as well as UAE Nationals, who are banking with NBAD UAE.
There are currently over 300,000 Egyptian expatriates in the UAE, comprising the largest Arab community in the country. NBAD is the first and only bank in the UAEto offer a product that enables Egyptian expatriates residing in the UAE to finance properties in their home country.
Customers will be offered competitive interest rates and an approved list of trusted developers to choose their residence. This product demonstrates NBAD's unique combination of expertise in the Egyptian market and a strong branch network across the country.The mechanism works by availing the loan from NBAD - Egypt; instalments are then transferred automatically from customers' accounts in theUAE to their accounts in Egypt for settlement.
Egypt today is NBAD'slargest network outside the UAE, with 700 employees on the ground across 24 branches. The bank opened its first branch outside the UAE in Cairo, in 1975.
Ahmed Ismail Hassan, NBAD Egypt's Country CEO, said: "Thanks to improving macroeconomic fundamentals demand for housing in Egypt is robust, as Egypt has embarked on mega real estate projects. Many Egyptian expatriates are waiting for opportunities to finance property and NBAD is well positioned to take a lead in the market through this new product. We have also made arrangements with prime property developers to facilitate the search process for our clients. We are very excited to offer a unique opportunity for Egyptian customers to invest for a brighter future for themselves and their families. Building on the historic ties between the UAE and Egypt, NBAD is setting a very positive example for others to follow.
Suvrat Saigal, Managing Director & Head of Global Retail, said: "This product demonstrates NBAD's unique combination of expertise in the Egyptian market and a strong branch network across the country. It will enable Egyptian expatriates to finance their dream homes in their own country and plan for the future. It is also an opportunity for UAE nationals to invest in one of the Arab world's most exciting economies. We are committed to offering innovative financial solutions to meet our customers' personal banking needs andincrease our presence in the retail market."
Ahmed Emam NBAD Egypt's Managing Director &Head of Retail, said: "We strongly believe that property financing is a major need for most Egyptians working abroad that had not been addressed up to now. This product offers an easy and fast way to satisfy this need."
Egypt aims to attract $60 billion of foreign direct investments over the next 4 years. Gulf countries and in particular the UAE leaders, have shown unequalled commitment to this country. In the past two years, the UAE has offered over $14 billion of financial assistance.
For more information please visit our corporate webpage at: https://www.nbad.com/ar-ae/personal-banking/expat-offers.html
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About NBAD
NBAD has one of the largest networks in the UAE, with an expanding network of 125 branches and cash offices and more than 585 ATMs across the country. NBAD's growing international network consists of about 60 branches and offices in 19 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.
Since 2009, NBAD has been ranked consecutively as one of the World's 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution.
A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.
For further enquiries, please contact:
Michael Miller
Head of Investor, Media & Public Relations
Email: michael.miller@nbad.com
Tel: +971 2 611 2355
Mobile: +971 50 619 7116
Fadeela Khamis
Manager, Media & Public Relations
Email: fadeela.mohamed@nbad.com
Tel: +971 2 611 1511
Mobile: +971 56 616 2265
© Press Release 2015
