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Tourism Development and Investment Company secures mortgage agreements with leading financial institutions

Tourism Development and Investment Company (TDIC) announced that it has secured a number of mortgage financing agreements, with some of the UAE’s largest banks and leading financial institutions for real estate on Saadiyat Island, a natural island just 500 metres offshore Abu Dhabi City. Abu Dhabi Finance, Standard Chartered Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq Bank can now offer potential homeowners looking to buy real estate on Saadiyat with a range of special mortgage products, including finance up to 85 per cent and tenure from three to thirty years. Lee Tabler, TDIC’s CEO said, "The financing agreements secured with these institutions represent an important step in our plans to turn Saadiyat Island into a destination of world renown. They not only provide potential home owners with an extremely attractive opportunity to own property on one of the UAE’s prime locations but also demonstrate that, despite the current financial climate, Abu Dhabi is still a viable and attractive investment opportunity." ADCB CEO, Ala’a Eraiqat commented "We are proud to be part of this strategic agreement with TDIC and to introduce an attractive mortgage scheme for our customers, offering up to 80 per cent loan for tenures up to 25 years. Abu Dhabi has quickly risen to become one of the world’s leading investment markets while building its reputation as an international tourism and business hub. In ADCB, we endeavour to explore the most viable opportunities to enhance the Emirate’s economic future and help its sustainable growth in all fields." Abu Dhabi Finance has developed ’Essence’, a product that combines a number of very attractive features and benefits including a loan to value (LTV) of 85% with a loan tenure running from three to thirty years, making it one of the best products in the market. Abu Dhabi Finance CEO, Philip Ward said, "As a new force in the Abu Dhabi mortgage market, we are extremely proud to be associated with the groundbreaking developments that TDIC is bringing to the Emirate. This is one of many attractive new developments taking place across the Emirate in the coming years, reinforcing even further our view that the time is right to buy property in Abu Dhabi." TDIC is one of the first Abu Dhabi developers that Mashreq Bank has formed an agreement with. Its offer terms of up to 80 per cent of the market value of the property and tenures up to 240 months. Ali Moosa, General Manager, Mashreq Abu Dhabi commented "Mashreq has always taken the lead in offering innovative products and services in the UAE. As a local bank, we are committed to meeting and exceeding our customers’ demands across all emirates and are happy to be spearheading our mortgage initiative in Abu Dhabi through this partnership with TDIC as they develop Saadiyat Island." National Bank of Abu Dhabi (NBAD) will provide Saadiyat Island investors mortgages with flexible terms, competitive interest rates and fast approvals. "NBAD believes customers should be at the core of each business to ensure success. Therefore, we are constantly seeking new ways to provide our valued customers with the highest standards of service. At NBAD, we have excellent products that are aimed directly at end users for TDIC’s flagship Saadiyat Island project," said Saif Al Shehhi, Senior General Manager of NBAD’s Domestic Banking Division. Standard Chartered Bank is the first international bank to provide competitive rates to finance TDIC residential properties, lending up to 75 per cent loan to value ratio for tenures up to 25 years. Jeremy Parrish, Standard Chartered Bank CEO, Abu Dhabi and Al Ain, said "With a presence of over 50 years in the UAE, Standard Chartered is deeply committed to the development of Abu Dhabi and is delighted to support TDIC as a leading provider of mortgage solutions for its iconic developments. In addition to our recently launched Islamic home finance product, we will continue to roll out a range of financial solutions at extremely competitive rates for our Abu Dhabi clients." Saadiyat Island is being developed by TDIC to become a complete visitor and residential destination. The 27-kilometre natural island is the largest single mixed-use development in the Arabian Gulf. Saadiyat will offer a lifestyle, with premium educational, leisure and cultural experiences combined in safe and accessible communities. There will be a wide range of luxurious living and investment opportunities including waterfront villas, town houses and apartments. The first phase of Saadiyat will open officially to the public in the fourth quarter of 2009. It will mark the opening of the 10-lane Saadiyat Bridge, the emerging landmark which will link Abu Dhabi city with Saadiyat Island. The bridge, one of the largest infrastructure projects in Abu Dhabi emirate, will provide swift and smooth access to the signature destination. Visitors may then visit the only seaside golf course in the Arabian Gulf. The 72-par Saadiyat Beach Golf Course, designed by sporting legend Gary Player, boasts several beachfront holes and is scheduled to open later in the year. Saadiyat’s residential offerings are on track. Construction is advancing on the luxurious villas, which are the cornerstone of the first phase of the exclusive Saadiyat Beach Residences community. A range of three- to eight-bedroom villas, some featuring a private gym, elevator, swimming pool and movie theatre, are on schedule for handover in the second quarter of 2011.

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