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ADF agrees to be preferred lender for Tamouh projects
ABU DHABI — Abu Dhabi Finance (ADF) has agreed to become a preferred mortgage lender for Tamouh Investments when the latter starts selling its real estate developments to end-users.
Tamouh, part the Royal Group, is a leading developer of a number of key projects in Abu Dhabi. Established in May 2005 Tamouh has so far been involved in developing and selling projects for institutional investors.
The projects currently being developed by Tamouh will be added to the portfolio of properties for which ADF offers mortgage finance, a Press statement issued release from ADF said on Tuesday.
Tamouh’s new developments include Marina Square, City of Lights and Abu Dhabi Downtown on Reem Island. Marina Square, which will be delivered this year, comprises 13 residential towers, a corporate office tower complimented by a hotel, serviced suites and an up-market mall.
“We are always looking for ways to add value to our investors and end-buyers. Working with ADF to facilitate our end-users’ payment schemes is one of the measures we recently undertook as part of our efforts to continuously assist our customers. We are confident that this partnership will further strengthen the relation between key market players in Abu Dhabi and benefit the real estate sector,” the statement said, quoting Joe Ong, managing director of Tamouh,
According to Ali Eid Al Mehairi, chairman of ADF, the partnership between ADF and Tamouh marks another milestone in the mortgage lender’s ambition to become the biggest and best mortgage lender in the UAE and its commitment to the property sector in Abu Dhabi.
“Our partnership with Tamouh further expands our reach in the Abu Dhabi property market and we are delighted to be offering prospective home buyers in the UAE the opportunity to invest in some of the finest properties in the Capital at the most competitive rates,” he said.
Since its launch in November 2008, ADF has extended its reach and now covers more than 70 per cent of the Abu Dhabi market. The mortgage provider offers finance for a full range of properties, from studio apartments to exclusive villas.
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