Mortgages available for buyers in Dubai Sports City
Almas Capital has recently arranged end-user financing for buyers of The First Group’s projects located in Dubai Sports City. “We are pleased to announce that mortgage financing is now available for homebuyers and investors of projects developed by The First Group. These mortgage products are now available from renowned UAE financial institutions such as Amlak, Mashreq, and Badr-Al-Islami”, said Barmak Besharaty Managing Director of Almas Capital. Developers in the UAE have been facing a substantial increase in competition from new entrants to this lucrative market. “Buyers have, justifiably, become more concerned about inflationary trends prevalent in the region and develop! ers have had to provide solutions for the escalating prices of their projects. In order to alleviate these concerns, astute developers have reduced up-front cash requirements by incorporating bank financing for their buyers” commented Besharaty.
Almas Capital, a financial service and advisory company, has been mandated for several high-profile financing engagements in the UAE. “Developers such as Sheffield Real Estate, Dheeraj & East Coast, Bangash Properties, and The First Group have all successfully enhanced their projects by tapping into Almas Capital’s financial expertise to arrange mortgage financing for buyers of their projects.” Almas Capital has signed Memorandum of Understanding agreements with a number of leading financial institutions in the UAE including Amlak, Mashreq, Tamweel, NBD (now Emirates NBD), and Abu Dhabi Commercial Bank.”Our access to leading banking institutions, allows Almas Capital to help clients who are considering obtaining real estate financing within the UAE. These relationships have allowed us to expand into business financing as well. Almas Capital has been able to assist numerous UAE firms in obtaining cash or business facilities for the expansion of their operations.”
Financial Training is another key component of Almas Capital’s core product offering. “We have conducted a number of workshops dealing with the financial industry in the UAE. I recently returned from an investment conference in Jeddah where there was a huge appetite for investment into this region’s real estate sector. We are seriously studying a proposal to start a new sharia-compliant fund that will help developers and investors obtain easier access to capital for their projects. We anticipate that this $250 million fund will be operational by the first quarter of 2009.”
