Business | Banking

Standard Chartered enters Abu Dhabi mortgage market through partnership with ALDAR

Standard Chartered Bank has signed an agreement with ALDAR Properties, Abu Dhabi's property development, investment and managing company, to offer complete mortgage solutions for their property development in Abu Dhabi. ALDAR is the first Abu Dhabi-based property developer to sign an agreement with the bank and the fifth in the UAE to avail of Standard Chartered's mortgage solutions.

  • Staff Report
  • Published: 13:40 September 24, 2008
  • Gulf News

Dubai: Standard Chartered Bank has signed an agreement with ALDAR Properties, Abu Dhabi's property development, investment and managing company, to offer complete mortgage solutions for their property development in Abu Dhabi. ALDAR is the first Abu Dhabi-based property developer to sign an agreement with the bank and the fifth in the UAE to avail of Standard Chartered's mortgage solutions.

'Standard Chartered has been committed to the UAE for 50 years," said Jeremy Parrish, Standard Chartered CEO for Abu Dhabi and Al Ain. "In less than two years our mortgage business base has grown significantly and our team has grown from 25 in 2007 to more than 75 this year with further growth planned, especially for the rapidly growing Abu Dhabi market."

The move follows Standard Chartered's strategic expansion plans in Abu Dhabi which has recently seen the opening of its flagship Financial Centre, the launch of Abu Dhabi's first dedicated SME Centre and a signing with Abu Dhabi Securities Exchange (ADX) to offer custody services aimed at encouraging and facilitating further international investment in Abu Dhabi.

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