News Column

ADCB and SDIC sign customer home loan agreement for Hidd Al Saadiyat

June 9, 2014

ABU DHABI, 9th June, 2014 (WAM) -- Abu Dhabi Commercial Bank, ADCB, and Saadiyat Development and Investment Company, SDIC, have announced the signing of a customer financing agreement for Hidd Al Saadiyat, a luxurious residential development project on Saadiyat Island, Abu Dhabi.

As part of the agreement, Hidd Al Saadiyat beachfront development homeowners will benefit from ADCB s attractive mortgages and Ijarah financing options.

Covering 1.5 million square meters of land with 7 kilometres of beaches, the Hidd Al Saadiyat project will provide residents with a safe and luxurious environment on the shores of the Arabian Gulf, minutes away from Abu Dhabi City. The community will consist of 452 villas, with commercial centres, hotels, apartments, beach clubs and amenities, conveniently located within reach.

Commenting on the strategic partnership, Arup Mukhopadyay, Head of Consumer Banking at ADCB, said, "ADCB is delighted to have partnered with SDIC on the prestigious Hidd Al Saadiyat development. We look forward to working with the developer to provide our valued clients with best-in-class financial solutions."

Mubarak Al Khaili, Board Member of the SDIC said, "Hidd Al Saadiyat residential development has evoked tremendous interest among U.A.E. Nationals as well as other communities. Our strategic tie-up with ADCB will serve the growing demand from home seekers who are looking for a serene natural environment and high-end island living, minutes away from Abu Dhabi city."

The construction work on the project began in October 2012 and the company began building the villas in July 2013, accomplishing more than 25% of the first phase of its construction. The project successfully sold more than 70% of the villas up to date.

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Source: Emirates News Agency (WAM) (United Arab Emirates)

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