Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

The Dubai Mall hosts 3 million visitors over month-long shopping festival

The Dubai Mall, the world’s largest shopping and entertainment destination, hosted three million visitors over the one-month long shopping and entertainment extravaganza, which concludes today (Friday, May 29, 2009). Festival@The Dubai Mall attracted more than 750,000 visitors every week, strengthening sales across the mall’s 900 retail and F&B outlets.Marking the formal opening of the mall by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, the Festival@The Dubai Mall offered a diverse bouquet of bargain deals on global brands, ’Win Millions’ raffles, Bid 2 Win auctions for premium products, a Grand Bentley draw and mall-wide entertainment. One of the spectacular attractions during the festival was the unveiling of The Dubai Fountain, the world’s tallest performing fountain.Today (May 29, 2009), one lucky winner will get AED 1 million in cash prize at the ’Win Millions’ raffle. The Grand Bentley draw for the luxurious, four-door Bentley Continental Flying Spur will also be held, adding to the prize bonanzas offered on the final day. The mall will come alive to a spectacular display of entertainment as several performers come together for a grand finale. Apart from daily entertainment programmes, the mall has also hosted more than 100 fashion shows during the festival at the newly inaugurated Fashion Catwalk at the Fashion Avenue.Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: "We have achieved the objectives of hosting the Festival@The Dubai Mall, which were to enhance visitors and strengthen sales at our retail outlets. To draw over 3 million visitors in one month is a testament to the success of the mall as well as the city’s global reputation as a premier tourist destination."He added: "The Festival@The Dubai Mall has been a confidence booster for the economy, and offered customers a perfect continuum of shopping and entertainment spectacles from Dubai Shopping Festival to the Dubai Summer Surprises, which will start shortly. We are thankful to all our partners for their support, particularly to the Dubai Shopping Festival Office."With a total cash prize of AED 3.1 million apart, The Festival@The Dubai Mall has set a new benchmark in mall-wide entertainment with the spectacular array of leisure attractions. The Dubai Aquarium & Underwater Zoo, a popular attraction at the mall, introduced Shark Dives for the adventurous, offering the opportunity to dive into the 11 metre deep aquarium and surf the waters with sand tiger sharks and rays. The Olympic-sized Dubai Ice Rink introduced ’Disco on Ice’ with an in-house DJ belting out popular music and the Fashion Catwalk was abuzz with haute couture events.The Festival@The Dubai Mall is supported by Dubai Media Inc, Arab Media Group and The Address Hotels + Resorts, a part of Emaar Hospitality Group.