PRZOOM - /newswire/ -
Dubai, UAE, United Arab Emirates, 2006/01/22 - DAMAC Properties and Union National Bank (UNB) today signed a landmark memorandum of understanding (MOU), under which UNB will provide mortgage financing for UAE residents purchasing apartments in DAMAC’s property developments.
Home loans are available for all types of apartments in all the projects being developed by DAMAC Properties in Dubai.
Mohammad Nasr Abdeen, CEO at Union National Bank, and Hussain Sajwani, DAMAC Holding Chairman, signed the MOU. The home loans offered by UNB will be available through the bank’s extensive network of 34 locations across the UAE.
“We are delighted with Union National Bank’s expression of confidence in the quality of Damac Properties projects. This MOU will allow our potential customers to have access to a highly competitive mortgage scheme, while paving the way for a large number people to own their DAMAC dream home,” said Hussain Sajwani, DAMAC Holding Chairman.
“We are confident that a large number of customers will opt to finance their DAMAC home from UNB due to the bank’s substantially high quality of service,” added Sajwani.
Mr. Mohammed Nasr Abdeen, CEO of Union National Bank said: “The Bank is keen to develop strong relationships with pioneering companies which support the Nation’s economic growth plans. DAMAC is among the leading companies in this area, and we have faith in their commitment to continue with their significant achievements. There is no doubt that this relationship will enable further development of real estate finance operations and positively support community growth as well as the interests of customers.”
DAMAC and UNB also announced a special joint promotion that is related to four DAMAC Properties projects - The Crescent and Lago Vista located in the International Media Production Zone (IMPZ), Park Towers at DIFC, and Ocean Heights in Dubai Marina.
Under the promotion, DAMAC customers will get financing of up to 90% of their purchase price, without any repayment and Zero interest during the construction period, for a maximum period of three years, along with a substantially low processing fee.
“This agreement will give our customers greater convenience and the peace of mind that their purchase is funded and backed by the financial strength of Union National Bank, a leading banking institution in the UAE,” concluded Sajwani.
The total value of DAMAC Properties’ projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector company to make a commitment to the real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.