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Thursday, November 12 - 2009

Hydra Properties signs historic agreement with Noor Islamic Bank

  • United Arab Emirates: Tuesday, August 26 - 2008 at 13:11
  • PRESS RELEASE

Hydra Properties, the leading UAE-based international property developer, today announced signing a historic Mortgage Finance Agreement with Noor Islamic Bank, the leading Islamic Bank in the UAE, for Islamic End-User Mortgage Financing.

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  • Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties.
    Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties.
The agreement was signed by Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, and Ms. Fatima Al Mansour, Head of Consumer Banking, Noor Islamic Bank at an official function held in Abu Dhabi recently.

Commenting on the agreement, Dr. Al Fahim said:

"We, at Hydra Properties, are extremely delighted to associate with a trusted partner such as Noor Islamic Bank. The agreement will help all our customers to pursue their investment goals in a relaxed manner, without resorting to uncalled for risks. This joining of hands between two leading institutions such as Hydra Properties and Noor Islamic Bank will give those who are investing in our developments more options to maximize their gains."


Dr. Al Fahim added: "With this development customers can obtain Islamic /Sharia complaint financing for their homes and with the holy month of Ramadan round the corner there cannot be better news than this major tie-up. This scheme will enable Hydra's investors to make sound and ethical decisions while securing their financial future."

Welcoming the move, Mr. Hussain Al Qemzi, Group Chief Executive, Noor Islamic Bank & Noor Investment Group, said: "I'm confident that investors will whole heartedly welcome our deal with Hydra Properties. This new service will go a long way to make the already sought-after Hydra Properties Developments more attractive to the investor community in the UAE."

The agreement covers all of Hydra Properties, current and future projects all over the UAE and it includes both, freehold and leasehold properties.
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Notes and media contacts

About Hydra Properties

Hydra Properties is a privately owned company, established in 2006 in Abu Dhabi, the capital of UAE. The company was established with a vision to provide the UAE, Middle East and the world with unprecedented development concepts which are reflected in the company's various landmark projects. Since inception, the company has embraced the best international building criteria and has introduced fresh concepts in design and materials.

At Hydra Properties there is a firm belief in the humanizing factor. Real estate is not only about space, steel and concrete but is actually a living organism. That is why we always aspire to create spaces that nurture and accommodate the human side of real estate.

Hydra Properties does not only see itself as only a real estate development company. Hydra Properties has clear social commitments and responsibilities. Hydra never misses an opportunity to give back to society through its endless community activities in the areas of cultural awareness, support to sport activities and providing major community service through its active and ongoing role in supporting health, education and social institutions.
Hydra Properties has rapidly expanded in the UAE with several mega projects in Abu Dhabi and Dubai. Relentless efforts have allowed it to expand globally into Mexico, where it has developed 'Hydra Waves', one of the finest luxury projects in North America.
The company nurses more global ambitions and will soon launch projects across the continents.

About Noor Islamic Bank
Founded in 2006 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic Bank's products and services are governed by a Shari'ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has 10 branches across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah.

For further media enquiries contact:

John Cheeran /Walid El-Tigi
Arabia PR FZ LLC
Tel: +9714 3911201; Fax: +9714 3904511
P.O. Box: 500491, Dubai, UAE
Office 235, Building 10 (BBC World Building), Dubai Media City

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