Abu Dhabi, UAE: Abu Dhabi Finance, the Emirate’s fastest growing home finance provider, today announced the details of its partnership with Tamouh Investments LLC, one of the main master developers in Abu Dhabi. Under the agreement, Abu Dhabi Finance will become a preferred mortgage lender when Tamouh starts selling its real estate developments to end users.
Tamouh was established in May 2005 with the vision of contributing to Abu Dhabi’s growth and its transformation into the region’s finest financial and touristic centre as foreseen in Plan Abu Dhabi 2030. To date Tamouh has been involved in developing and selling projects to institutional investors. However, the future plan for Tamouh includes selling its developments to end users for which Abu Dhabi Finance will be a preferred partner to offer mortgage finance. The developments launched by Tamouh will be added to the portfolio of properties for which Abu Dhabi Finance offers mortgage finance.
A member of the Royal Group, Tamouh is the primary developer for a number of key projects in Abu Dhabi, including Marina Square which will be delivered this year and comprises 13 residential towers and a corporate office tower complimented by a hotel, serviced suites and an up-market mall. Tamouh is also developing the City of Lights and Abu Dhabi Downtown on Reem Island. Planned projects include a number of exciting new developments in Abu Dhabi and Al Ain.
Commenting on the recently sealed agreement, Joe Ong, Managing Director of Tamouh, said:
"We are always looking for ways to add value to our investors and end buyers. Working with Abu Dhabi Finance to facilitate our end users' payment schemes is one of the measures we recently undertook as part of our efforts to continuously assist our customers. We are confident that this partnership will further strengthen the relation between key market players in Abu Dhabi and benefit the real estate sector."
The partnership between Abu Dhabi Finance and Tamouh marks another milestone in the mortgage lender’s ambitions to become the biggest and best mortgage lender in the UAE and its commitment to the property sector in Abu Dhabi.
Ali Eid Al Mehairi, Chairman of Abu Dhabi Finance commented:
“As Abu Dhabi continues to grow as a major financial, touristic and cultural hub in the region, we remain committed to contributing to the vision and ambitions of Plan Abu Dhabi 2030 by continuing to offer affordable mortgages for a wide range of properties and clients. Our partnership with Tamouh, one of the capital’s primary developers, further expands our reach in the Abu Dhabi property market and we are delighted to be offering prospective home buyers in the UAE the opportunity to invest in some of the finest properties in the capital at the most competitive interest rates.”
Abu Dhabi Finance offers the lowest interest rates in the UAE, starting from 5.75 per cent, in addition to a number of other benefits, including a loan-to-value ratio of up to 85 per cent, mortgage tenures of up to 30 years, and a range of repayment options, including the choice of having a one-month payment holiday per year.
Since its launch in November 2008, Abu Dhabi Finance has extended its reach and now covers more than 70 per cent of the Abu Dhabi market. The mortgage provider offers finance for a full range of properties, from studio apartments to exclusive villas, and from Reem Island to Saadiyat Island and Abu Dhabi Island itself. Other Developers currently covered include Aldar Properties, Sorouh Real Estate, Tourism Development and Investment Company, Capitala, Green Emirates Properties, Profile Group Properties and RAK properties
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