Emaar Properties, a regional property development company, confirmed that it is in advanced negotiations with several banks and financial institutions in the Gulf to offer a choice of home finance options to investors from Gulf Cooperation Council (GCC) countries.
This will further supplement the home finance schemes currently being offered to United Arab Emirates (UAE) national and expatriate investors by the Emaar subsidiary, Amlak Finance, which is the UAE's first and only home mortgage company. Additionally, the Dubai-headquartered Dubai Islamic Bank (DIB) is also in the process of finalizing a range of Islamic finance options for investors in Emaar projects.
Mansour Al-Othaimin, director of sales and marketing for the GCC, International and commercial department, said that “While Dubai has always been a favorite destination for visitors from across the GCC, the Emaar offer of premium quality lifestyle real-estate, coupled with the advantages of freehold ownership, is now evoking a high level of investor interest from GCC nationals across the region.”
Investors from the GCC are a significant audience in Emaar's various existing projects, including Emirates Hills, Dubai Marina, The Meadows at Emirates Hills and The Greens at Emirates Golf Club, according to a company press release.
“To cater to this growing demand we have already conducted several rounds of discussions with leading financial institutions across the region, especially in Saudi Arabia and Kuwait, to offer individual and corporate investors a range of property finance options. We will shortly be embarking on a region-wide contact program to enable our investors get first-hand information on our projects, options for home finance and the development status of the various projects,” he added.
The company also recently announced the launch of the first phase of construction comprising 8,888 new residential units across its various projects in Dubai.
Emaar Properties is a public joint stock company (PJSC) listed on the Dubai Financial Market. Launched in 1997, Emaar currently has six major real estate projects under development. Besides the real-estate projects Emaar also owns and manages subsidiaries such as Dubai Bank, which is due to be launched imminently, Amlak Finance, EMRILL, a joint venture with the UK-based Carillion plc, which provides property and facilities management services, and a technology services company that will be launched shortly. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
