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.

Dubai Islamic Bank Purchases Outstanding Trust Certificates Through Cash Tender Offer

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced today that it has purchased US$50.6 million from the partial cash tender offer to retire US$200 million of outstanding sukuk certificates, which was announced in May 2009. DIB purchased the trust certificates at 88 per cent of the face value. The transaction was settled on May 21, 2009.Through this transaction, DIB has become the first Islamic bank to purchase its outstanding trust certificates through a cash tender offer. The transaction also demonstrates DIB’s strong liquidity position and the bank’s healthy repayment capability and surplus funding. Demonstrating the continuing investor confidence in DIB, a significant percentage of investors have decided to hold the certificates. DIB is rated A1/A- by Moodys and S&P.“This transaction is a testament of the market’s confidence in DIB’s future earning capabilities and its growth strategy,” Mohammed Saleem, Chief of Treasury at DIB, said. “Our investors have reiterated their comfort in their ongoing exposure to DIB, and this is a major validation of our financial strength and the franchise value.“Taking into consideration recent market developments, DIB successfully established a competitive cash tender offer for the trust certificates, creating a favourable offer for investors as well as realising a net gain for DIB. The bank continues to be in a positive liquidity position and maintains sufficient funding to retire the facility earlier than maturity. This marks another successful transaction for DIB, and further validates our business strategy amidst challenging conditions.”The five-year sukuk facility was launched in the first quarter of 2007 through its inaugural US$ 750million Sukuk Certificates. Barclays Capital, DIB Capital and Standard Chartered Bank acted as the lead managers for the cash tender offer.

Dubai Trade, Standard Chartered Bank Sign Agreement On Online Payment Service

Dubai Trade, the innovative online service provider of Dubai World, today, April 15, signed an agreement with Standard Chartered Bank to enable the bank’s clients to make use of the trade facilitator’s ROSOOM online payment gateway.

Dubai Trade’s e-payment gateway facilitates electronic payment for services provided by entities directly concerned with commercial transactions such as DP World, Dubai Multi Commodities Centre and Economic Zones World – flagship companies under Dubai World – and Dubai Customs.

The agreement was signed by Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE Region in his capacity as a Member of the Board of Dubai Trade, representing Jamal Majid Bin Thaniah, Executive Vice Chairman, DP World, Group CEO of Ports and Free Zone World, and Chairman of Dubai Trade, and Shayne Nelson, Regional Chief Executive, MENA, Standard Chartered Bank, at the DP World Headquarters in Jebel Ali Free Zone.

Under the agreement Standard Chartered Bank account holders can make online payment transactions through the Dubai Trade portal with DP World, EZW and Dubai Customs by using their internet banking credentials.

Mohammed Al Muallem said: “We are pleased to be associated with Standard Chartered Bank in expanding this very important service. The Redirect Payment Service Agreement reflects the commitment of Dubai Trade and the companies it supports, to enhance customer satisfaction. The online payment platform has been received enthusiastically by the trading community here and this agreement will further strengthen ROSOOM and widen its user base.”

Mahmood Al Bastaki, Director of Dubai Trade, said: “This is another major step for Dubai Trade in its continuous drive to serve the trading community. The ROSOOM platform has already proved its value by bringing individuals and companies closer to some of the most important trade facilitators in the country. Our association with Standard Chartered Bank opens the gates for the huge number of its customers to directly benefit from ROSOOM, increasing the trade flow in Dubai.”

Shayne Nelson said: “We are pleased that our relationship with DP World and its subsidiaries has, once again, enabled us to deliver on our strategy to provide innovative products and services through new delivery channels to our clients. Dubai Trade is recognised as a leader in their field and ROSOOM is a well established platform for electronic payments. As a leading international bank with award winning ‘Straight 2 Bank’ online facilities, expanding our capabilities in this arena is another significant development for Standard Chartered.”

ROSOOM offers customers multiple payment methods to facilitate instant settlement of their payments with the companies through real time transfer of funds. It is a 3D-Secure transaction module connected to a single online payment platform, helping customers save time and cost considerably.

Dubai Trade’s online platform has become hugely popular in the business community. ROSOOM facilitated 95,825 transactions for an amount of Dhs107, 553,821 between March 2008, when it was launched, and March 2009.

Dubai Trade has developed its innovative concepts to the level of becoming a key player in Dubai’s trading sector. Constant upgrading keeps its services at pace with the changes in technology. By covering the entire supply chain, Dubai Trade brings together into a single community a vast majority of companies that interact with Dubai’s ports, customs and the free zone for the purpose of trade.

TDIC Secures Mortgage Agreements With Leading Financial Institutions

Tourism Development & Investment Company (TDIC) today announced that it has secured a number of mortgage financing agreements, with some of the UAE’s largest banks and leading financial institutions for real estate on Saadiyat Island, a natural island just 500 metres offshore Abu Dhabi City.

Abu Dhabi Finance, Standard Chartered Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq Bank can now offer potential homeowners looking to buy real estate on Saadiyat with a range of special mortgage products, including finance up to 85 per cent and tenure from three to thirty years.

Lee Tabler, TDIC’s CEO said, “The financing agreements secured with these institutions represent an important step in our plans to turn Saadiyat Island into a destination of world renown. They not only provide potential home owners with an extremely attractive opportunity to own property on one of the UAE’s prime locations but also demonstrate that, despite the current financial climate, Abu Dhabi is still a viable and attractive investment opportunity.”

ADCB CEO, Ala’a Eraiqat commented “We are proud to be part of this strategic agreement with TDIC and to introduce an attractive mortgage scheme for our customers, offering up to 80 per cent loan for tenures up to 25 years. Abu Dhabi has quickly risen to become one of the world’s leading investment markets while building its reputation as an international tourism and business hub. In ADCB, we endeavour to explore the most viable opportunities to enhance the Emirate’s economic future and help its sustainable growth in all fields.”

Abu Dhabi Finance has developed ‘Essence’, a product that combines a number of very attractive features and benefits including a loan to value (LTV) of 85% with a loan tenure running from three to thirty years, making it one of the best products in the market. Abu Dhabi Finance CEO, Philip Ward said, “As a new force in the Abu Dhabi mortgage market, we are extremely proud to be associated with the groundbreaking developments that TDIC is bringing to the Emirate. This is one of many attractive new developments taking place across the Emirate in the coming years, reinforcing even further our view that the time is right to buy property in Abu Dhabi.”

TDIC is one of the first Abu Dhabi developers that Mashreq Bank has formed an agreement with. Its offer terms of up to 80 per cent of the market value of the property and tenures up to 240 months. Ali Moosa, General Manager, Mashreq Abu Dhabi commented “Mashreq has always taken the lead in offering innovative products and services in the UAE. As a local bank, we are committed to meeting and exceeding our customers’ demands across all emirates and are happy to be spearheading our mortgage initiative in Abu Dhabi through this partnership with TDIC as they develop Saadiyat Island.”

National Bank of Abu Dhabi (NBAD) will provide Saadiyat Island investors mortgages with flexible terms, competitive interest rates and fast approvals. “NBAD believes customers should be at the core of each business to ensure success. Therefore, we are constantly seeking new ways to provide our valued customers with the highest standards of service. At NBAD, we have excellent products that are aimed directly at end users for TDIC’s flagship Saadiyat Island project,” said Mr. Saif Al Shehhi, Senior General Manager of NBAD’s Domestic Banking Division.

Standard Chartered Bank is the first international bank to provide competitive rates to finance TDIC residential properties, lending up to 75 per cent loan to value ratio for tenures up to 25 years. Jeremy Parrish, Standard Chartered Bank CEO, Abu Dhabi and Al Ain, said “With a presence of over 50 years in the UAE, Standard Chartered is deeply committed to the development of Abu Dhabi and is delighted to support TDIC as a leading provider of mortgage solutions for its iconic developments. In addition to our recently launched Islamic home finance product, we will continue to roll out a range of financial solutions at extremely competitive rates for our Abu Dhabi clients.”

Saadiyat Island is being developed by TDIC to become a complete visitor and residential destination. The 27-kilometre natural island is the largest single mixed-use development in the Arabian Gulf. Saadiyat will offer a lifestyle, with premium educational, leisure and cultural experiences combined in safe and accessible communities. There will be a wide range of luxurious living and investment opportunities including waterfront villas, town houses and apartments.

The first phase of Saadiyat will open officially to the public in the fourth quarter of 2009. It will mark the opening of the 10-lane Saadiyat Bridge, the emerging landmark which will link Abu Dhabi city with Saadiyat Island. The bridge, one of the largest infrastructure projects in Abu Dhabi emirate, will provide swift and smooth access to the signature destination. Visitors may then visit the only seaside golf course in the Arabian Gulf. The 72-par Saadiyat Beach Golf Course, designed by sporting legend Gary Player, boasts several beachfront holes and is scheduled to open later in the year.

Saadiyat’s residential offerings are on track. Construction is advancing on the luxurious villas, which are the cornerstone of the first phase of the exclusive Saadiyat Beach Residences community. A range of three- to eight-bedroom villas, some featuring a private gym, elevator, swimming pool and movie theatre, are on schedule for handover in the second quarter of 2011.

US$347 Million Syndicated Facility Arranged For Al Ghurair Center Llc

Badr Al-Islami, the Islamic Banking Division of Mashreq, and Standard Chartered Saadiq along with Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Ajman Bank and Arab African International Bank have successfully arranged a USD 347 million Dual Currency Syndicated Islamic Finance Facility for Al Ghurair Center LLC.

Mashreq and Standard Chartered Bank were the Bookrunners on this deal.. The Facility has a door to door tenor of ten years.

Proceeds of the Facility will be used to finance the expansion of Al Ghurair City, a well known mixed used (retail, commercial and residential) complex located in Dubai.

Ahmed El Sayed, Chief Financial Officer of Al Ghurair Investment commended the parties involved and stated “the strength of our group enables it to proceed with its set objectives; the expansion of Al Ghurair City is an implementation of such a strategy. We are confident that as pioneers of mixed used developments, we will continue to enhance our offerings. ”

Mubashar Khokhar, CEO of Badr Al-Islami, extended his sincere gratitude to Al-Ghurair Investment to allow Badr Al-Islami, Mashreq and Standard Chartered Bank to arrange this deal using Islamic Structure. He further highlighted on the excellent coordination shown between the bank group and the client in a tight market to bring this deal to a successful closure. The closure of the deal also highlights the return of confidence to the market despite international financial crisis. Mubashar stated “Al Ghurair Investment has an excellent track record and the expansion of existing Al Ghurair City is an important strategic initiative in their growth strategy. With new Dubai Ultra Light Rail on the way, the expanded Al Ghurair City will be easily accessible to all walks of life. The strong support by banking community for this Islamic deal is based on pure merits and would encourage others to tap into Islamic financing”.

Abbas Hasan, Head of Investment Banking, at Mashreq, while expressing his pleasure at the closing of the facility said that “the successful closure of the transaction bears testimony to the joint efforts of the Borrower and the Bookrunners in these challenging market conditions”. He further added that “while the deal was well received in the bank market, based on the underlying strength of the project, it was redeeming to see local financial institutions continuing to support businesses with a strong track-record. The expansion of Al Ghurair Center, strategically located in the heart of the Dubai and one of the city’s oldest shopping landmarks, is expected to come up as a unique mixed use development based on strong demand dynamics”.

Steve Perry, Regional Head of Syndications – Standard Chartered, Hassan Jarrar, Head of Origination and Client Relationships – Standard Chartered, and Afaq Khan, CEO Standard Chartered Saadiq all extended their sincere congratulations to the Company on the successful syndication of their debut Islamic financing syndication.

Mr. Jarrar said “Despite the challenging market conditions, the realisation of this transaction is yet another demonstration of the continued strong confidence in the management of the company and their further growth ambitions”. Steve Perry, the Regional Head of Syndications, MENA, Standard Chartered also echoed these sentiments and added that “The successful closure of this transaction is a clear demonstration that there is still credit appetite available for well-established and robust businesses operating with the UAE.” Afaq Khan also reiterated this point and said “The successful closure of this transaction in the current market conditions is a testament to the credit strength and reputation of Al Ghurair Group. I expect that this transaction will signal the re-start of the Islamic syndication and sukuk markets in the UAE and GCC”.

Built by the Al Ghurair family in 1978, Al Ghurair City was the first retail venue of its kind in the UAE comprising of retail shops, apartments and offices. Throughout its more than 25-year history, Al Ghurair City has acted as a pioneer in the regional retail business. Combining the culture and tradition of the city of Dubai with a modern shopping experience, it has played an integral role in providing for the shopping needs of the local population and the vast number of annual tourists.