Tatweer Misr and First Abu Dhabi Bank, Egypt branches sign agreement to offer exclusive mortgage services
Tatweer Misr, a real estate developer, has signed an agreement with First Abu Dhabi Bank (FAB), Egypt branches , to offer mortgage facilities at competitive interest rates, and payment lasting up to 15 years for new and existing clients.
This partnership is in line with Tatweer Misr’s strategy to stimulate sales and facilitate the benefits of mortgage services, strengthening the overall purchasing power.
Under the agreement, Tatweer Misr’s client will benefit from various financing solutions at competitive rates, whether looking to purchase housing units or to finance finishing. The bank will provide up to 85% of the price of a ready to- move in units in its first home projects. Additionally, the new service ensures competitive interest rates, financing units up to EGP 15 Mn with payment lasting up to 15 years.
Clients will also be able to obtain mortgages of up to 70% of the price on various of Tatweer Misr’s ready-to-move in units in its coastal home projects, at a competitive interest rates, and a maximum of EGP 7.5 Mn to be settled over a period of up to ten years.
This cooperation also enables Tatweer Misr’s clients to fully finish their delivered units through obtaining mortgage financing by up to 40% of the price of the unit, in addition to the possibility of extending the loan period to current owners.
Commenting on the partnership, Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, stated, “We are pleased to sign a protocol with First Abu Dhabi Bank to provide mortgage services to Tatweer Misr’s clients. We have always strived to collaborate with the best entities in their fields to offer distinguished and high-quality services to our clients, for this reason we partnered with First Abu Dhabi Bank as it is the largest bank in the United Arab Emirates and one of the safest financial institution worldwide.”
He continued, “Since our inception seven years ago we kept our clients at the top of our priorities, for this reason we ensured providing them with added value through offering outstanding products & services. Therefore, today we sign a partnership that aims to fill an existing market gap through offering a mortgage tool with various settlement plans suiting every client, with competitive interest rates and over long-term payment terms.
Mohamed Abbas Fayed, First Abu Dhabi Bank Egypt’s CEO said: “We are pleased to be offering diverse financing options to Tatweer Misr’s clients, and to support the real estate sector and the overall economic growth of Egypt. At FAB, we are always looking for ways to offer flexible and innovative solutions and we look forward to building a fruitful partnership with Tatweer Misr.”
Tatweer Misr currently owns four major projects nationwide, varying between first home and second home projects featuring both residential and non-residential components. Its first coastal and flagship project is ‘IL Monte Galala’ located in the Galala City of Ain Sokhna, which spans over an area of 525 acres. Overlooking the Mediterranean coast, the company owns two projects ‘Fouka Bay’ in Ras El Hekma on an area of 220 acres, and ‘D- Bay’ in El Dabaa with a total area of 200 acres. As for its first home project, ‘Bloomfields’ is located in Mostakbal City in New Cairo, extending over an area of 415 acres including 90 acres designated to become an educational zone.
Aside of the residential component, all projects owned by Tatweer Misr boasts non-residential components as well such as commercial, administrative, educational and entertainment areas on a total area of approximately 5.8 million square meters.
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.