Dubai Properties signs mortgages agreement with Barclays Bank

Financing will be available for residential, corporate and investors alike. In addition to providing loans to local buyers, Barclays will provide financing for international purchasers through Barclays branches in over 60 countries.

"Barclays is one of the largest and oldest financial institutions in the world. The relationship established between Barclays and Dubai Properties is a close relationship that will benefit our clients,"

said Hashim Al Dabal, CEO, Dubai Properties.

Philip Ward, Barclays' Head of Mortgages, commented: "We aim to offer our customers the very best in terms of service and value for money, and are delighted to enter this agreement with Dubai Properties and extend our services to their clients. We recently launched our mortgage offering in this market as the first lender in Dubai to offer an extensive number of currency options and quick mortgage approval. This agreement is just the beginning and we look forward to a long and successful relationship with Dubai Properties."

Barclays will provide home financing for properties in Jumeirah Beach Residence, The Villa and Business Bay and its sub-projects. Mortgages will be available for completed properties as well as those under construction.

The Barclay's deal will offer one of the most attractive mortgage arrangements available in the UAE with previously unattainable benefits. Financing will be provided at competitive interest rates in a range of currencies including AED, US $, and Pound Sterling. The application process will be very simple with approvals within 24 hours.

"At Dubai Properties, we are committed to providing our clients with the highest levels of service. The agreement with Barclays Bank is proof of this promise. It will provide uncomplicated and efficient finance solutions," said Al Dabal.

"We strive to give our customers the widest and most satisfactory choices when it comes to choosing a property. We are particularly proud, therefore, to be able to offer the most refined and efficient mortgage available in the market."

Al Dabal added: "The Barclays' agreement is one of the mortgage agreements signed by Dubai Properties with other banks in Dubai. There is a strong relationship with many banks in Dubai. We aim through this agreement to facilitate financing for our local and international clients."