Rakbank launches mortgage finance for Aldar and Sorouh properties in Abu Dhabi

A Memorandum of Understanding between Rakbank and Abu Dhabi property heavyweights Aldar Properties and Sorouh Real Estate, will see the bank becoming a strategic mortgage partner for the developers and offering up to 90% mortgage finance and a 25 year loan tenure for all their residential freehold projects in the city.

The projects include the much awaited massive development of Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island, with iconic architecture in plan for the Gate district, Sun Tower, Sky Tower and Alghadeer.

"With announcements of unique landmark projects, multi-billion dirham investments and a rising demand for housing, Abu Dhabi is rapidly emerging as a major property hotspot in the Gulf region, and an important focus area for us as a mortgage finance provider,"

said Graham Honeybill, General Manager of Rakbank.

"Rakbank was one of the first conventional banks to offer mortgage finance in the UAE over four years go. We have built a reputation for offering fast and flexible mortgage services in the UAE, with particular emphasis on facilitating what is generally known worldwide as a complicated process for homeowners. The experience that we have, along with the complete transparency and high flexibility we offer, means that prospective homeowners are a step closer to owning their own home,"

added Ian Hodges, Head of Personal Banking at Rakbank.

Aldar Properties and Sorouh Real Estate are Abu Dhabi's largest property developers, with developments worth $60bn and Dhs45bn respectively announced to date. Aldar owns 51 million square meters of land in Abu Dhabi while Sorouh is undertaking the development of 22 million square metres of land in the city.

The new partnerships are the latest to be formed by Rakbank in the mortgage market, with the bank already offering mortgage finance services for the majority of residential projects developed by Emaar, Emaar Bawadi, Nakheel, Dubai roperties, Mizin, Deyaar and ETA STAR.