ADCB inks Saadiyat project finance deal
Abu Dhabi, June 9, 2014
Abu Dhabi Commercial Bank (ADCB) said it has signed a customer financing agreement with Saadiyat Development and Investment Company (SDIC) for its luxurious residential development project, Hidd Al Saadiyat.
As part of the agreement, Hidd Al Saadiyat beachfront development homeowners will benefit from ADCB’s attractive mortgages and Ijarah financing options.
Covering 1.5 million sq m of land with 7 km of beaches, the Saadiyat project will provide residents a safe and luxurious environment on the shores of the Gulf, minutes away from Abu Dhabi City.
The community will consist of 452 villas, with commercial centers, hotels, apartments, beach clubs and amenities, conveniently located within reach.
Commenting on the partnership, Arup Mukhopadyay, the head of consumer banking at ADCB, said: "The strategic partnership will allow us to extend our financial solutions conventionally to customers who desire owning their dream home in one of the region’s most luxurious beachfront communities."
"This tie-up brings together our bank’s product suite and service excellence with a world class real estate company; a truly win-win partnership. We look forward to working with SDIC to provide our valued clients with best-in-class financial solutions," he noted.
Combining modern and traditional Mediterranean designs, Hidd Al Saadiyat seamlessly integrates the ocean and the beach into every detail of its villa designs.
Mubarak Al Khaili, a SDIC board member, said the residential development has evoked tremendous interest among UAE nationals as well as other communities.
"Our strategic tie-up with a well-reputed financial institution such as ADCB will serve the growing demand from home seekers who are looking for a serene natural environment and high-end island living, minutes away from Abu Dhabi city," he added.
As a comprehensive development surrounded by the serene beauty of the natural environment, Hidd Al Saadiyat blends natural landscape with sustainably designed villas, apartments, retail space, hotels and schools. The project has obtained Estidama Pearl 2 rating for compliance with Abu Dhabi’s sustainability standards of new projects.
The company began construction work on the project in October 2012; the villas' work in July 2013, accomplishing more than 25 per cent of the first phase of its construction. The project haas successfully sold more than 70 per cent of the villas up to date.-TradeArabia News Service