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 Dhs500m, 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. More than 12 months in the planning, Abu Dhabi Finance launches today with a full suite of mortgage products to appeal to a wide range of borrowers.
Ali Eid Al Mehairi, Chairman of Abu Dhabi Finance, said:
“Our shareholders have recognised for some time that the increasing demand for real estate in Abu Dhabi means there will be greater demand for mortgage financing. Our team has been working for months on creating attractive, innovative mortgage products to meet the needs of all types of homeowners. Abu Dhabi Finance will provide liquidity to a market where demand remains high for property.”
Abu Dhabi Finance will offer mortgages with a wide range of benefits, including loan-to-value ratios of up to 85%, loan terms of between 3 and 30 years, flexible repayment methods and debt service ratios of up to 55%.
Philip Ward, Chief Executive of Abu Dhabi Finance, said, “We’re aiming to become the leading supplier of mortgage products in Abu Dhabi, servicing this growing market as it continues to develop. We have invested heavily in our product development and in the training of our Mortgage Advisors, so clients can be sure of getting the mortgage that is right for them.”
With its ambitious goal to become the leading mortgage finance company in the UAE, Abu Dhabi Finance has invested heavily on the quality of its people. Each employee was handpicked from the cream of the local and international talent pool, based on a proven track record of excellent customer service skills and job knowledge. Additionally, the company’s investment in staff training is up to 6 times the average for the industry. The remuneration structure is unique in its balanced focus on client satisfaction and financial performance.
Philip Ward, said:
“A lot of mortgage companies reward their advisors on number of sales. At Abu Dhabi Finance, we reward them not just on sales, but also by ensuring that each client has benefitted from excellent customer service and the best advice possible.”
The company said its main focus will be in Abu Dhabi, with initial mortgage deals agreed for developments by Aldar, Sorouh and TDIC. The company will extend its product range to cover other developers in Abu Dhabi and over time, expects to offer mortgages in other Emirates.
Ali Eid Al Mehairi concluded, “As an Abu Dhabi business, our primary focus is on serving the needs of this Emirate. Demand for real estate in Abu Dhabi remains high and our first priority is to help meet that demand.”
Thursday, November 27- 2008 @ 13:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.