Bloom signs MoU with three leading banks in Abu Dhabi

Published October 5th, 2009 - 10:26 GMT

 bloom Properties, the Abu Dhabi-based developer of property and lifestyle solutions, announced that it has signed a financing agreement with the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB), offering up to 25-year financing solutions on residential properties in its flagship development, Bloom Gardens. Under the agreement, which was announced during Cityscape Dubai 2009, the three Abu Dhabi-based banks will be offering up to 80% financing for interested clients, with as low as 10% of upfront equity prior to bank financing.

Commenting on this agreement, Dr. Hani Shammah, CEO of bloom, said: ‘The agreement translates our efforts to provide customized financing solutions to support our clients, and highlights our commitment to offering safe and effective options for those interested in investing in Bloom Gardens. Joining efforts with such prominent financial institutions that support the vision of Abu Dhabi and support its economy, comes high on our priorities list.’

 ‘The bloom brand takes a fresh approach to property development, focusing on developing master-planned, sustainable communities through partnerships with the big players in this field. We are extremely proud of the trust these banks put in us and our projects, as this agreement gives our clients the chance to choose the property right for them, helping us to extend the reach of our services in Abu Dhabi, and across the UAE,’ he added.

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