RAK Properties, Commercial Bank International sign mortgage financing agreement

CBI will provide mortgages of up to 90% loan-to-value on the 93 villas and townhouses located in Precinct 4 at Mina Al Arab. Maximum tenor of the mortgages could be up to 20 years. The mortgages will be open for both UAE Nationals as well as expatriates and the bank is ready to extend this service to those who meet their terms and conditions as applicable. For this purpose, the bank can be approached by contacting their toll free number 800-CB (224).

The precinct 4 is one of the major precincts in the Mina Al Arab waterfront master community built on the theme building closer to nature. The Mina Al Arab is the home to an exciting array of themed resorts, all tailored to offer variety of vacation experience. The location of the property gives a panoramic view of the serene beaches, mountains and beautiful landscape. This project provides world class living environment suitable for maintaining a healthy lifestyle with jogging track, private beach planted with coconut trees, swimming pool, tennis court, children play area and ample open area to experience the nature's freshness.

Commenting on the agreement, H.E. Hamad Al Mutawa, Chairman of Commercial Bank International (CBI), said, "The partnership with RAK Properties supports CBI's aim to provide convenient solutions for customers to meet their home financing needs. CBI will provide RAK properties clients with attractive finance options that are in line with CBI's core philosophy of 'customer first'. With the mortgage market in the maturing stage, it is important to partner with reputable developer such as RAK Properties and our interest rates reflect our policy of treating our customers fairly, deliver the best mortgage solution and offer value as well unbeatable service to our customers."

Mohamed Sultan Al Qadi, Managing Director & Chief Executive Officer of RAK Properties, said, "RAK properties is proud to hold such an agreement with a reputed national bank like CBI. This agreement will offer practical financing solutions to the customers of the project."

"We are pleased to see diversity of mortgage options in the current economic scenario. This can be clearly attributed to the bank's commitment to support reputable developers and supplements RAK Properties commitment to deliver the projects to its valuable customers. With mortgage lending coming back we expect renewed interest in our properties and this will fuel the desired impetus for growth in the property market," Al Qadi added.