Omniyat Properties and Abu Dhabi Commercial Bank sign mortgage agreement

Omniyat Properties first mortgage agreement was signed with the Abu Dhabi Commercial Bank, one of the leading banks in the UAE. The deal covers Omniyat Properties first two projects, two commercial office towers in the Business Bay master development on the Sheikh Zayed Road in Dubai.

Speaking at a press conference to announce the agreement, Omniyat Properties President and CEO Mehdi Amjad said the mortgage agreement will make the company's products more accessible to a wider cross-section of investors who are interested in buying office units in the two towers, One Business Bay and Bayswater.

"We are very pleased to be working with Abu Dhabi Commercial Bank for our first two projects. We look forward to working with ADCB on all our future projects as well. ADCB is one of the leading financial institutions in the UAE and they are known for their mortgage services," Amjad said.

Hassan Jarrar, Head of Business Banking Group at ADCB, pointed out that the bank will offer a maximum of AED 20 million to the value of 75 per cent of the unit in Omniyat Properties' first two office towers. The loan tenure, inclusive of construction period, is 15 years for 100% UAE owned businesses or individuals and 10 years for expatriates.

"We are pleased to be working with a visionary developer such as Omniyat Properties and we believe that our mortgage product and their high-tech properties will offer a valuable proposition that is unmatched in the property market in Dubai, especially the commercial market," he added.

A down payment of 10 to 15 per cent will be required upfront and the balance 10 to 15 per cent at the time of delivery. Businesses which are interested in buying will have to show that they have been in business for three years. Companies which have been established for less than three years will be viewed on case by case basis.

Omniyat Properties is the real estate development arm of the two-billion-Dirham Almasa Holdings group of companies, which has interests in real estate and information technology. The company has launched two towers in the Business Bay development and will be launching four new projects in the next few months.

The two projects have a combined value of over AED 850 million and offer a total of 700,000 square feet of prime freehold office space as well as 25,000 square feet of prime retail space adjacent to the Sheikh Zayed Road, behind the Emirates Airlines and Emirates Holidays buildings between the first and second interchanges.

One Business Bay is a 30-storey tower with a unique design which resembles a diamond rising out of the ground. It will offer Grade A office space in what is considered the most prime location of the entire development. It has ample parking with over 1000 parking spaces. Construction has already begun and the tower will be completed in the first quarter of 2008.

Omniyat's second project, Bayswater, is a 25-story scissor-shaped office tower located on a water-facing plot in the Business Bay. Its unique design is an optical illusion that makes it appear to consist of two slim towers side by side, forming the shape of the letter X. The building will enjoy more than 875 parking bays.

Construction of Bayswater, with a value of AED 345 million, will begin in May of this year and is expected to be completed in the second quarter of 2008. Bayswater is a mid-market segment targeted at medium-sized companies which want a premium address and office location but at a lower price than Grade-A offices.