09 March 2006
City Of Arabia and Abu Dhabi Commercial Bank Sign Financing Agreement
Abu Dhabi Commercial Bank (ADCB) and the Ilyas & Mustafa Galadari Group (IMGG) have this week agreed to arrangements whereby buyers of both residential and commercial units within the City of Arabia will be eligible for mortgage loans from the bank. This attractive scheme is available to both residents and non residents and covers the wide spectrum of offerings within 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.
Mr. Eirvin Knox, Chief Executive Officer at ADCB, said "The City of Arabia is a unique and exciting project and is well planned and well positioned. For ADCB the alliance with the City of Arabia is an important part of our strategy for mortgage lending".
The entire multi billion dollar City of Arabia project will be showcased at an exclusive exhibition, which will be held over two days at the Dubai World Trade Center from March 26th, 2006. The event will also act as a launch pad for the unique Wadi Walk residential community. The City of Arabia is located in the heart of Dubailand and covers 20 million sq feet of land, hosting the worlds largest shopping Mall, the Mall of Arabia, the unique theme attraction, The Restless Planet as well as 34 residential, commercial and mixed use tower blocks; in addition to the Wadi Walk. Construction has already begun on the project with piling underway for the Mall of Arabia.
Mr.Mustafa Galadari, Vice Chairman of IMGG said "Our alliance with ADCB is very important to us and this scheme provides our valued clients a financial service that is important for their financial planning and home planning."