Reef signs MOU with strategic developers

The signing ceremony was held at Reef's offices at Seef District and was witnessed by top executives from both sides. The MOUs between the parties falls in line with Reef's strategy for the development of strategic alliances with property developers and extends Mr. Mostafa and Dr Ahmadi the business benefits of a dedicated mortgage financing partner.

To tangibly commemorate the signing, the parties announced that packaged financing solutions for the three properties, Mal Suites, Orchid Towers, and Orchid Business Center are immediately available at Reef. Reef's CEO Dr Khalid Abdulla provided additional details, noting first off his confidence in the success of this partnership and the benefits set forth before the two entities. 'Reef's strategic direction is focused in creating a real estate ecosystem; an exchange platform based on partnership and alliances with realty developers, promoters, and investors amongst others. We view these MOUs as the beginning of a strategic and long term relationship which will undoubtedly provide a significant opportunity for value sharing. Most importantly, this alliance provides customers with the opportunity to benefit from a complete solution. Together, we have packaged high quality properties with competitive financing options such that clients will only need one stop towards finding a home. Our model brings clients their property of choice, matches it with a financing option that suits their needs, and completes the cycle by ensuring we are by our clients' side for the rest of the mortgage process through to final ownership.'

From his end, Mr. Mostafa said, 'Reef's business model presents clients of Mal Suites with complete financing solutions in a highly differentiated and customer-focused manner. The idea of giving clients the opportunity to interact with dedicated real estate advisors who help in viewing apartments, obtaining financing and completing ownership of a home, at a single touch point makes for an exciting business opportunity.' Mal Suites, located in Juffair, is a 14 story property with 57 apartments; each designed and finished to meet the highest levels of quality and luxury. Approximately 70% of the apartments have already been sold in anticipation of the unveiling of the property in November of this year.

Orchid Towers, also situated in Juffair, is to beready for occupancy in September of 2007. Dr Ahmadi said in this regard, 'One of my aims in developing Orchid Towers was to fill a niche in the market for reasonably priced apartments that are of a high standard in terms of construction, finish, and facilities. Orchid Towers has sports features, a swimming pool, and gymnasium. The apartment layouts make generous use of space and are designed and finished for comfort and style.' The third property announced was Orchid Business Center in the Seef District, a commercial property uniquely designed to create 'living' office space by providing tenants access to a high-end gymnasium, sports and swimming pool facilities. The 16 story Orchid Business Center, is a first of its kind property, that allows its commercial tenants the benefit of value-added lifestyle features.

The three properties and packaged financing solutions will be displayed at the Reef stand within Property Arabia.