Egypt: Sky Abu Dhabi Developments, a subsidiary of the UAE-based Emirati Diamond Group, has signed a cooperation protocol with First Abu Dhabi Bank (FAB), the UAE's largest bank, to provide mortgage finance to customers, aiming to offer different payment facilities. It came as part of FAB and Sky Abu Dhabi's eagerness to support Egypt’s real estate sector.
The protocol was signed by the CEO of Diamond Group and Sky Abu Dhabi Developments Eng. Abdel Rahman Agami and the CEO of FAB-Egypt Mohamed Fayed, in the presence of H.E Saleh bin Nasra, owner of Diamond Group and Mostafa Salah, CCO of Sky AD. Developments.
With a competitive interest rate and a maximum loan amount of EGP 15 million, the bank will provide mortgage finance up to 85% of the ready-to-move units and a repayment period of up to 15 years. Moreover, the bank will offer the customers home renovation loans to finance furnishing their units with amounts up to 40% of the unit’s market value. The protocol provides the current owners the option of extending their repayment periods more than what the company offered.
Diamond Group CEO Abdel Rahman Agami has expressed his jubilation with the cooperation that brings together Sky AD. Developments and FAB, adding, “The high demand and the desire to purchase are the main features that distinguish Egypt's real estate sector. In the meantime, there are some units that require different financing methods to befit this demand, hence this cooperation deemed as a link between the consumer’s purchasing power and the price of the residential unit.”
He stressed that Sky Abu Dhabi will make the best use of all mortgage finance initiatives put forward by the Central Bank of Egypt (CBE) to support Egypt’s urban development which falls in line with the state’s sustainable development strategy - Egypt’s Vision 2030 as well as offering residential units that fulfil the diverse customers’ needs.
“To facilitate the acquisition of a residential unit for current and potential customers, the agreement with FAB bank will contribute to offering a wide set of attractive installment plans that suit various customers”, stated the CCO of Sky AD. Developments Mostafa Salah. “FAB bank has distinguished mortgage finance programs that serve different society’s segments,” he added.
“Sky Abu Dhabi Developments has extensive expertise in the regional market and we are glad to cooperate, as it is aligned with FAB bank’s strategic vision to activate its role in financing Egypt's real estate market in accordance with the plan of the CBE,” CEO of FAB-Egypt Mohamed Fayed stated. “With competitive payment facilities, we will enable Sky AD. customers to obtain a distinctive product in the easiest possible way,” he added.
Fayed described the cooperation with Sky AD. as “a continuation to the pioneering role of the bank in real estate financing which is considered a vital pillar in the Egyptian economy,” adding “we believe that the Egyptian real estate market is evidently flourishing, credited to the government’s economic vision and we want to have our contribution in conformity with the nation’s vision.”
Sky Abu Dhabi Developments is a subsidiary of Diamond Group; leading Emirati group specialized in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to USD 1 billion, through more than 17 projects in the UAE. The company made a massive entry to the Egyptian market with an investment portfolio of EGP 15 billion for the coming two years; EGP 4 billion of which will be invested in its New Administrative Capital.
FAB, the UAE’s largest bank and one of the world’s largest and safest institutions offers an extensive range of tailor-made solutions, and products and services, to provide a customized experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market leadership in corporate and investment banking and personal banking franchises.
© Press Release 2021