DAMAC Properties and Doha Bank sign landmark MOU

Peter Riddoch, Chief Executive Officer at DAMAC Properties, and R. Seetharaman, Deputy CEO at Doha Bank signed the MOU.

"Our MOU with Doha Bank stems from our belief in this substantially solid banking institution along with our strong faith in its reputation as a considerably prominent, customer oriented establishment",

said Riddoch.

He added: "We foresee a significantly fruitful relationship with Doha Bank, going forward, and perceive our agreement as long term as we plan to launch a number of ambitious projects within Qatar, going forward", he added.

Doha Bank will extend home Loans to Qataries and expatriates with a repayment period of 30 years, the longest tenor offered by any Bank in Qatar. In addition to the home loan, Doha Bank offers furniture loans at very attractive terms.

R. Seetharaman said, "We always keep our customers at the forefront and strive to provide the best offerings. Today we offer the best Home Loan scheme to Qataries and expatriate customers. We extend home loans with tenors of up to 30 years, and our rates are the best in the market. With its booming economy today, Qatar is a favorite destination for investors. The country is attracting a large number of investors in various fields and we are confident that the real estate investments in Qatar will definitely increase in the future. The entry of new real estate developers will benefit customers to a large extent with regard to multiple choices, pricing etc.'

Seetharaman added: "Doha Bank would customize the financing for the purchasing of DAMAC properties to suit the customer requirements shortly. This will include flexible repayment and disbursement options to suit the construction schedule of the developer. Doha Bank is also very happy to enter into this arrangement with the leading private sector property developer of UAE. We are confident that the citizens and residents of Qatar will benefit from our arrangement with DAMAC properties.

DAMAC was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.