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Abu Dhabi launches new home finance firm
- United Arab Emirates: Wednesday, November 26 - 2008 at 09:48
Five of Abu Dhabi's major investment, real estate and finance companies today announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the emirate's real estate market. Abu Dhabi Commercial Bank, Aldar, Mubadala Development Company, Sorouh Real Estate PJSC and the Tourism Development & Investment Company 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 ($136m), 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.
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Jeff Florian, Senior ReporterWednesday, November 26 - 2008 at 09:48 UAE local time (GMT+4)
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