RAKBANK launches mortgage finance for Aldar and Sorouh properties

Dubai: Prospective homeowners looking to buy their dream home in the capital city of Abu Dhabi have a wider choice in mortgage finance, with RAKBANK's announcement of mortgage finance services for a large number of existing and upcoming properties in the city.

A Memorandum of Understanding between RAKBANK and Abu Dhabi property heavyweights Aldar Properties and Sorouh Real Estate will see the bank becoming a strategic mortgage partner for the developers and offering up to 90 percent mortgage finance and a 25-year loan tenure for all their residential freehold projects in the city.

The projects include the much-awaited massive development of Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island, with iconic architecture in plan for the Gate district, Sun Tower, Sky Tower and Alghadeer.

"With announcements of unique landmark projects, multi-billion dirham investments and a rising demand for housing, Abu Dhabi is rapidly emerging as a major property hotspot in the Gulf region, and an important focus area for us as a mortgage finance provider," said Graham Honeybill, General Manager of RAKBANK.

Aldar Properties and Sorouh Real Estate are Abu Dhabi's largest property developers, with developments worth $60 billion and Dh45 billion respectively announced to date. Aldar owns 51 million square metres of land in Abu Dhabi while Sorouh is undertaking the development of 22 million square metres of land in the city.

The new partnerships are the latest to be formed by RAKBANK in the mortgage market, with the bank already offering mortgage finance services for the majority of residential projects developed by Emaar, Emaar Bawadi, Nakheel, Dubai Properties, Mizin, Deyaar and ETA STAR.