Issue No 296 - 26 Jan 2009
Baniyas project secures ADCB, ADIB funding

Bawabat Al Sharq, a mixed-use community development in Bani Yas, Abu Dhabi, said two Abu Dhabi banks have agreed to offer preferential financing options of up to 80 per cent on the total value of the development to buyers.

These banks are Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB).

Complementing the offer, Baniyas Investment and Development Company (BID) – the investment arm of Bani Yas Sports Club and the developer of the project - has announced its plans to back Bawabat Al Sharq by providing direct financing to end-users.

Commenting on the deal, Wael Tawil, chief executive officer of BID, said, 'In the current market scenario, where banks have revised their lending policies, buyers are finding it extremely difficult to secure loans.'

'We believe it is extremely important to provide timely assistance to buyers. ADCB and ADIB, through the confidence they have shown in Bawabat Al Sharq, and in line with their strategic alliances with us, have agreed to provide loans of 80 per cent to buyers of the project,' he noted.

“To further support buyers and showcase the value and opportunity offered by Bawabat Al Sharq, we have announced the provision of direct loans to interested buyers,” Tawil said.

'With Bawabat Al Sharq, we aim to create a real sense of integrated community life offering our customers world-class amenities and facilities.'

'Our deal with ADCB and ADIB is a reflection of our commitment to our customers to provide them with a smooth transition right from buying the project to living in a luxurious community,' he added.

Bawabat Al Sharq, an Dh3 billion project, is spread across a massive 108 hectares of land and encompasses residential, retail, entertainment and sporting facilities.

Overall project completion stands at 15 per cent with phase one scheduled for completion in the third quarter of 2010.

BID is currently awarding contracts for various other components within the development and is in the development planning stages for Phase 2.

“The home-financing offer from ADCB and ADIB is a major milestone for BID and will help us drive our value-driven growth in the regional real estate sector,” Tawil added.

Bawabat Al Sharq provides well-designed apartment buildings and villas characterized by innovation and modernity. It offers pleasant living conditions and comprehensive security and infrastructure along with the services and amenities expected within a community.

Source: Trade Arabia News

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