Real Estate Bank appoints NBAD to offer financing options for premium residential project
Real Estate Bank, the government-owned entity specialised in facilitating real estate credit for establishments and government organisations in the UAE, has signed a partnership agreement with National Bank of Abu Dhabi (NBAD), a leading bank in the UAE, to provide financing options for Al Maha Tower in Abu Dhabi.
The agreement was signed by Mr. Abdul Aziz Abdullah Al Za'abi, General Manager of Real Estate Bank, and Mr. Saif Ali Munakhas Al Shehhi, Senior General Manager of Domestic Banking Department, NBAD.
Under the terms of the agreement, NBAD will provide up to 90 percent financing to investors and property buyers of the Al Maha Tower residential development located at the Marina Square on Abu Dhabi's prestigious Reem Island.
“Real Estate Bank has actively pursued its strategic objectives, which include providing high-quality real estate properties across the country in support of the UAE Government's strategy of achieving sustainable development and economic growth. Our collaboration with NBAD contributes significantly to the success of our initiatives as it allows us to provide flexible financing terms to a wider range of buyer and investor profiles,” said Abdul Aziz Abdullah Al Za'abi, General Manager of Real Estate Bank.
Al Maha Tower encompasses 428 spacious apartments of different sizes and styles, including studios, one and two-bedroom units, as well as penthouses. It is also equipped with a wide range of amenities, including a swimming pool, health and fitness facilities, 24-hour security, intercoms, taxi call buttons, remote control lighting, home security and entry control.
Mr. Saif Ali Munakhas Al Shehhi said: “Since its inception in 1968, NBAD remains committed to work with its distinguished business partners to underpin the development of the nation and finance various sectors to strengthen the diversification of UAE economy.”
“NBAD is committed to support the initiatives of Real Estate Bank as we believe in the strong market value of its projects, particularly the Al Maha Tower,” he added.
“The financial options and packages on offer are highly flexible and competitive, and will cater to the requirements of investors and buyers as we are constantly on the lookout for services that benefit our customers,” Al Shehhi concluded.
Al Maha Tower is expected to be completed in 2009. The project has been optimally conceptualised for comfortable home living, providing a tranquil yet cosmopolitan atmosphere and features an impressive external façade and elegant interiors.
It also provides easy access to important destinations in Abu Dhabi, and offers a highly strategic location at the Marina Square, one of the most prestigious areas on Reem Island. Marina Square is a 13.2 million square feet residential and commercial district comprising of a shopping arcade, marina, private beach access and sports facilities.
© 2007 Al Bawaba (www.albawaba.com)
- Real Estate Bank appoints Dubai Islamic Bank as exclusive financing partner of two premium developments
- RAK Properties ties with NBAD to offer home finance for premier projects
- Noor Bank partners with Dubai Properties to offer financing options for off-plan and completed properties
- NBAD to launch Real Estate Fund
- sobha real estate targets end users for its residential project