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The changing regulations regarding ownership laws by the government of Abu Dhabi allowing foreigners to own property, was a turning point in the real estate market for the emirate.
The rapidly growing economy and real estate industry in Abu Dhabi led to the emergence of foreign investment into the market.
The market opened for foreign banks to realise opportunity in this dynamic economy, and this strategic tie up between Aldar and Barclay's illustrates this demand in real estate sector.
"Aldar is pleased to enter into this agreement with Barclays Bank. It is part of Aldar's strategy to form alliances with reputable international companies that share our customer-driven business approach and commitment to quality. Aldar's projects are built, designed, and intended for a diverse audience. Bringing Barclays into our portfolio of banks to extend financial solutions demonstrates Aldar's keenness on placing the widest possible choice at the disposal of its valued customers both within the Abu Dhabi community and beyond,"
commented Ronald Stephen Barrott, CEO, Aldar Properties.
Barclays will offer mortgage solutions to Aldar's developments on Al Raha Beach, dubbed the ultimate waterfront city, consisting of eleven precincts each with its own distinct character and appeal. It will house to 120,000 residents and will span over 11 kilometres of natural beach front.
"Barclays is proud to enter into this arrangement with Aldar Properties. As the first foreign bank to penetrate the Abu Dhabi market, this further underscores our commitment to offering customers new and innovative services that meet their varied needs. Entering this partnership with Aldar, the premier real estate developer in Abu Dhabi, allows us to offer our customers greater choice as they seek to invest in the UAE real estate market or purchases a home for their family,"
stated Michael Miebach, Managing Director, Barclays Bank, GRCB, MENA.
Present in the market for over 30 years, Barclays is in the company of a number of contenders of foreign banks vying to enter the lucrative property development mortgage financing market. Barclay officials point to the bank's varied service offering as the key to their success and a differentiation point amongst the growing competition.
In the 12 months since launching Retails Banking services in the UAE, Barclays has introduced Premier Banking for the high net worth individuals, the region's first education loan and a host of tailored products and services designed to offer customers more choice in managing their finances.
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Posted by Siba Sami Ammari
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