Sky Abu Dhabi Developments, a subsidiary of the UAE-based Emirati Diamond Group, has signed a cooperation protocol with First Abu Dhabi Bank (FAB) to provide mortgage finance to customers.
The financing for the mortgage loans aims to offer different payment facilities, covering up to 85% of the unit’s value. The agreement comes as part of FAB and Sky Abu Dhabi’s eagerness to support Egypt’s real estate sector.
The protocol was signed by Abdel Rahman Agami, CEO of Diamond Group and Sky Abu Dhabi Developments, and Mohamed Fayed, CEO of FAB-Egypt. It was signed in the presence of 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 15m, 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, FAB will offer the customers home renovation loans to finance furnishing their units with an amount up to 40% of the unit’s market value. The protocol provides the current owners the option of extending their repayment periods beyond the company’s initial offering.
Agami said, “The high demand and the desire to purchase are the main features that distinguish Egypt’s real estate sector.”
He added, “In the meantime, there are some units that require different financing methods to fit this demand, hence this cooperation deemed as a link between the consumer’s purchasing power and the price of the residential unit.”
Agami 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. This falls in line with the state’s sustainable development strategy, the Egypt 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 instalment plans that suit various customers”, Salah said, “FAB bank has distinguished mortgage finance programs that serve different society’s segments.”
Fayed said, “Sky Abu Dhabi Developments has extensive expertise in the regional market and we are glad to cooperate, as it is aligned with FAB bank’s strategic vision to activate its role in financing Egypt’s real estate market in accordance with the plan of the CBE.”
He noted that, with competitive payment facilities, the bank will enable Sky AD customers to obtain a distinctive product in the easiest possible way.
