Emaar Development and ADCB Form Strategic Collaboration to Transform the Home-Buying Experience with Innovative Financing Solutions
Press release
Emaar Development and Abu Dhabi Commercial Bank (ADCB) have announced a strategic collaboration to enhance the home-buying experience across Emaar Development's portfolio of ready and off-plan premium residential communities in Dubai.
The collaboration brings together ADCB's mortgage expertise and Emaar Development's market-leading real estate portfolio to provide eligible homebuyers with unique financing solutions for both ready and off-plan properties through a streamlined, digitally enabled journey. Clients will also benefit from market-leading financing rates and an innovative off-plan financing solution featuring annually renewable pre-approval until handover, providing greater certainty and flexibility throughout the construction period.
Under the new off-plan financing solution, eligible Emaar Development customers can secure pre-approval for financing of up to 50% of a property's value. Renewable annually, the initial twelve months pre-approval remains valid throughout the construction period until handover, enabling customers to access financing for handover payments with greater confidence and convenience.
For both ready and off-plan properties developed by Emaar Development, ADCB is offering market-leading interest/profit rates starting from 3.49% per annum fixed for three years for a limited time, together with nil processing fees and nil valuation fees, helping to reduce upfront costs and enhance affordability.
The collaboration reflects the continued strength of Dubai's real estate sector and its role as a key contributor to the UAE's economic growth. By combining innovative financing solutions with one of the region's leading real estate portfolios, Emaar Development and ADCB are helping make home ownership more accessible while supporting Dubai's long-term vision for sustainable urban development.
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Background Information
Abu Dhabi Commercial Bank
ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.
ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.
ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.
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