Business | Banking
Barclays first foreign bank to offer mortgage solutions in ADH
Aldar Properties, an integrated property, investment, and management company, announced a strategic tie up with Barclays Bank Plc, UAE to provide mortgage solutions for Aldar's Al Raha Beach projects. This is the first deal for Aldar involving a foreign bank and Barclays is the first foreign bank to offer mortgage solutions to the Abu Dhabi market through its branch offices in the UAE.
- Staff Report
- Published: 13:17 August 18, 2008
Abu Dhabi: Aldar Properties, an integrated property, investment, and management company, announced a strategic tie up with Barclays Bank Plc, UAE to provide mortgage solutions for Aldar's Al Raha Beach projects. This is the first deal for Aldar involving a foreign bank and Barclays is the first foreign bank to offer mortgage solutions to the Abu Dhabi market through its branch offices in the UAE.
Barclays will offer mortgage solutions to Aldar's developments on Al Raha Beach, dubbed the ultimate waterfront city, consisting of eleven precincts each with its own distinct character and appeal. It will house to 120,000 residents and will span over 11 kilometres of natural beachfront.
The changing regulations regarding ownership laws by the government of Abu Dhabi allowing foreigners to own property, was a turning point in the real estate market for the emirate. The rapidly growing economy and real estate industry in Abu Dhabi led to the emergence of foreign investment into the market. The market opened for foreign banks to realise opportunity in this dynamic economy, and the strategic tie up between Aldar and Barclay's illustrates the demand in real estate sector.
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