City of Arabia and Abu Dhabi Commercial Bank sign finance accord
Released on = July 5, 2006, 5:16 am
Press Release Author = Gowealthy.com
Industry = Real Estate
Press Release Summary = Ilyas Mustafa Galadari Group, developers of City of Arabia,
the striking mixed-use development at Dubailand, has signed a finance accord with
Abu Dhabi Commercial Bank, (ADCB), whereby buyers of both residential and commercial
units within the City of Arabia will be eligible for mortgage loans from the bank.
Press Release Body = Ilyas Mustafa Galadari Group, developers of City of Arabia, the
striking mixed-use development arising at Dubailand, has signed a finance accord
with Abu Dhabi Commercial Bank, (ADCB), whereby buyers of both residential and
commercial real estate within the City of Arabia will be eligible for mortgage loans
from the bank.
This loan scheme is aimed primarily at residents of the UAE and covers a wide range
of offerings at the City of Arabia . For residential mortgages the scheme allows a
maximum 90% loan over a 25 year loan period, whereas the loans for the commercial
units, (offices), allows a maximum of 70% loan value. ADCB is also offering
long-term discount loans for tenants, planning to take a 30 year lease on the retail
outlets in the Gold Souk at the Mall of Arabia, a key component of City of Arabia.
A deal to this effect was signed by the ADCB and the Ilyas Mustafa Galadari Group
(IMGG). Hasan Jarar, Head of Business Banking Group, ADCB said, “The City of Arabia
is offering an unusual opportunity to retailers and we are pleased to be able to
assist them in taking advantage of this.” Forming a key element of the City of
Arabia development, the Mall of Arabia will offer easy access to the exclusive
Restless Planet Dinosaur Theme Park and to the rest of the complex – a mix of
hotels, commercial and residential entities. Construction has already commenced with
piling underway. The Mall of Arabia will house one of the largest gold souqs in the
world where jewellers from the Middle East, Europe, Asia, Africa, Australia and
America will offer an unprecedented product range.
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