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Barclays launches Dubai mortgages

DUBAI — Barclays Bank yesterday announced the launch of mortgages in Dubai that have been specifically designed to meet the requirements of buyers in the Emirate's booming property market. The new mortgage range will be available in four different currencies such as dirhams, pounds sterling, euro and US dollars and will be approved within 24 hours.

David Roberts, board member of Barclays PLC and chief executive of the bank's International Retail and Commercial Banking operations, said; “Barclays has clearly stated its international ambitions and Dubai is an attractive, fast growing market in which Barclays wishes to grow. Today's launch of new mortgage products in Dubai is a tangible example of how we are using our proven global expertise and competitive advantage to develop innovative product propositions that benefit our existing and new clients."

Philip Ward, Barclays' Head of Mortgages in Dubai says "Dubai is maturing into a home-owning environment, and Barclays expects to shake up the market with its strong product range and customer-focused service levels. By bringing our experience, multi currency and service driven approach that has been developed over many years, we are confident that our mortgages will be very attractive to Dubai home buyers, whether home owners or investors."

Barclays is one of the UK leading mortgage providers with a mortgage book of GBP 59.6 billion and the leading mortgage provider in South Africa following its acquisition of a majority state in Absa. Barclays mortgages in Dubai will be available from a minimum of Dh500,000 up to a maximum of Dh 7.5 million.