Barclays to provide mortgage facilities to Al Raha projects

This is the first deal for Aldar involving a foreign bank to offer mortgage solutions to the Abu Dhabi market through its branch offices in the UAE. The changing regulations regarding ownership laws by the government of Abu Dhabi allowing foreigners to own property, was a turning point in the real estate market for the emirate.The rapidly growing economy and real estate industry in Abu Dhabi led to the emergence of foreign investment into the market.

The market opened for foreign banks to realise opportunity in this dynamic economy, and this strategic tie up between Aldar and Barclay’s illustrates this demand in real estate sector. “It is part of Aldar’s strategy to form alliances with reputable international companies that share our customer-driven business approach and commitment to quality. Aldar’s projects are built, designed, and intended for a diverse audience, Ronald Stephen Barrott, CEO, Aldar Properties.

Barclays will offer mortgage solutions to Aldar’s developments on Al Raha Beach, dubbed the ultimate waterfront city, consisting of eleven precincts each with its own distinct character and appeal. It will house to 120,000 residents and will span over 11 kilometres of natural beach front.

“The partnership allows us to offer our customers greater choice as they seek to invest in the UAE real estate market or purchases a home for their family,” stated Michael Miebach, managing director, Barclays Bank, GRCB, MENA.

haseebhaider@khaleejtimes.com