RAK Properties, the leading real estate developer in the emirate of Ras Al Khaimah, has signed a MoU with UAE number one bank National Bank of Abu Dhabi (NBAD) that will enable customers of RAK Properties to avail of the NBAD’s ‘Escan’ home financing facility.
This strategic tie up allows NBAD to offer, through this scheme, the chance for customers to purchase residential and commercial units in RAK Properties’ premier developments – mainly at Julfar Towers and Mina Al Arab, making it easier to invest in the booming property panorama of Ras Al Khaimah.
“RAK Properties has the interest of its customers paramount in every decision or venture that it undertakes,” said Mohamed Sultan Al Qadi, Managing Director of RAK Properties. “We always want to associate ourselves with the best offers in the market, and NBAD’s ‘Escan’, with its generous loan amounts and flexible tenures, is one of the best home financing options currently available for our customers.”
The Escan scheme offers loans from AED 150,000 to AED 8 million, and is available for all aspects of property acquisition, extension and maintenance, for a maximum of 25 years.
NBAD’s Escan is further loaded with features that include loans to residents and non-residents, NBAD is considered to be the leading bank in introducing and offering unique & special banking services.
Product features are exclusively tailored to facilitate owning a home with affordable instalments at very competitive interest rates.
Commenting on the new agreement, Mr. Saif Al Shehhi, General Manager, Domestic Banking Division, NBAD, said: “As the number one bank in the UAE, NBAD is the first bank to sign such an agreement with RAK Properties. The scheme is available for Nationals and expatriates. Product features are exclusively tailored to facilitate owing dream home with affordable instalments at very competitive interest rates. “
Julfar Towers, RAK Properties’ premier project is a mixed use development that consists of two 43-storey towers, one residential, which has 349 apartments and one office, which has 468 offices built over three-level podium that provides retails, food outlets and other public amenities.
RAK Properties other premium offering, Mina Al Arab, with a number of themed resort hotels and two eco-hotels that will feature an estimated 3,500 rooms for tourists and visitors of the emirate, in addition to a cluster of 3500 apartments, town houses, standard and deluxe villas to cater for the regional & international visitors as well as investors. The first phase of the project was released in May 2006.
Customers of both RAK Properties’ flagship projects will now be able to take advantage of NBAD’s ESCAN home financing scheme and the bank will shortly announce specially designed, exclusive packages for all RAK Properties’ customers.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers - a 43-storied twin office and residential project at a cost of AED500 million - in February 2006 followed by Mina Al Arab - spread over 30 million sq. feet at a cost of AED 10 Billion - in May 2006.
© 2006 Al Bawaba (www.albawaba.com)
