Business | Property

ADCB to finance sales of Sorouh's residential project

Sorouh Real Estate has signed a memorandum of understanding with Abu Dhabi Commercial Bank (ADCB) for the financing of residential sales at The Gate Towers, part of Sorouh's flagship project Shams Abu Dhabi, being built on Al Reem Island.

  • Staff Report
  • Published: 23:28 August 24, 2008
  • Gulf News

Dubai: Sorouh Real Estate has signed a memorandum of understanding with Abu Dhabi Commercial Bank (ADCB) for the financing of residential sales at The Gate Towers, part of Sorouh's flagship project Shams Abu Dhabi, being built on Al Reem Island.

ADCB is the first bank to date to approve financing for residential property sales for towers 1 to 3 in The Gate District, a joint venture between Sorouh and Tameer Holding Investment.

The joint venture unites the experience, industry knowledge and skill of both property developers, enabling them to create innovative projects.

Sorouh CEO Mounir Haidar said, "Abu Dhabi Commercial Bank is a key business partner for Sorouh. We are delighted that ADCB has approved residential loans for The Gate Towers as there is already great interest in this property and, with our joint venture partner Tameer, Sorouh is looking forward to work with the ADCB team to help our customers own their own home in Abu Dhabi."

The ADCB financing options available to Sorouh customers include the best repayment period in the UAE - up to 25 years.

ADCB will finance up to 90 per cent of the property value, ADCB also offers a 0 per cent early settlement fee, subject to conditions.

The Gate Towers is located at the entrance of Shams Abu Dhabi, and is an eight-tower, mixed-use development that includes the 74-storey Sky Tower and the 65-storey Sun Tower.

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