Business | Investment
Abu Dhabi investment firms form new mortgage provider
Five of Abu Dhabi's major investment, real estate and finance companies on Wednesday announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the Emirate's burgeoning real estate market and consumer demand for mortgage finance.
- Staff Report
- Published: 10:19 November 26, 2008
Abu Dhabi: Five of Abu Dhabi's major investment, real estate and finance companies on Wednesday announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the Emirate's burgeoning real estate market and consumer demand for mortgage finance.
Abu Dhabi Commercial Bank, Aldar, Mubadala Development Company, Sorouh Real Estate PJSC and the Tourism Development & Investment Company (TDIC) are shareholders in the new finance company, which will initially provide mortgages to home buyers in the Emirate. These shareholders include companies which are estimated to represent more than two thirds of the new units being built in Abu Dhabi.
With initial capital of AED 500 million, the company aims to play a major role in helping Abu Dhabi meet its long term goals of sustainable economic growth by financing the growing demand for real estate.
Abu Dhabi Finance will offer mortgages with a wide range of benefits, including loan-to-value ratios of up to 85 per cent, loan terms of between 3 and 30 years, flexible repayment methods and debt service ratios of up to 55 per cent.
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