Hamed Mahmoud
Sky Abu Dhabi Developments, a subsidiary of the UAE-based Emirati Diamond Group, has signed a cooperation protocol with First Abu Dhabi Bank (FAB), the UAE’s largest bank, to provide mortgage finance to customers, aiming to offer different payment facilities. It came as part of FAB and Sky Abu Dhabi’s eagerness to support Egypt’s real estate sector.
The protocol was signed by the CEO of Diamond Group and Sky Abu Dhabi Developments Eng. Abdel Rahman Agami and the CEO of FAB-Egypt Mohamed Fayed, in the presence of H.E Saleh bin Nasra, owner of Diamond Group and Mostafa Salah, CCO of Sky AD. Developments.
With a competitive interest rate and a maximum loan amount of EGP 15 million, the bank will provide mortgage finance up to 85% of the ready-to-move units and a repayment period of up to 15 years. Moreover, the bank will offer the customers home renovation loans to finance furnishing their units with amounts up to 40% of the unit’s market value. The protocol provides the current owners the option of extending their repayment periods more than what the company offered.
Diamond Group CEO Abdel Rahman Agami has expressed his jubilation with the cooperation that brings together Sky AD. Developments and FAB, adding, “The high demand and the desire to purchase are the main features that distinguish Egypt’s real estate sector. In the meantime, there are some units that require different financing methods to befit this demand, hence this cooperation deemed as a link between the consumer’s purchasing power and the price of the residential unit.”
He stressed that Sky Abu Dhabi will make the best use of all mortgage finance initiatives put forward by the Central Bank of Egypt (CBE) to support Egypt’s urban development which falls in line with the state’s sustainable development strategy – Egypt’s Vision 2030 as well as offering residential units that fulfil the diverse customers’ needs.
“To facilitate the acquisition of a residential unit for current and potential customers, the agreement with FAB bank will contribute to offering a wide set of attractive installment plans that suit various customers”, stated the CCO of Sky AD. Developments Mostafa Salah. “FAB bank has distinguished mortgage finance programs that serve different society’s segments,” he added.
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