Abu Dhabi Finance, the Emirate’s fastest growing home finance provider, today established an agreement with RAK Properties to offer mortgages for all units in RAK Tower, one of the developer’s flagship projects in Marina Square, Reem Island. This agreement further expands the mortgage lender’s reach across Abu Dhabi, and specifically in Marina Square, which is one of the first neighbourhoods to be delivered on Reem Island.

As part of the agreement, Abu Dhabi Finance will provide mortgages of up to 85 per cent loan-to-value on the 212 elegant apartments within the 43 storey residential tower. Situated on the edge of Marina Square, RAK Tower offers a range of one bedroom, two bedroom, three bedroom and 5 bedroom duplex apartments with fantastic views of either the marina or the park in Marina Square, and it will house comprehensive leisure facilities such as swimming pools, world class gyms, children playrooms, and landscaped gardens.

RAK Tower is one of 13 residential towers located in the Marina Square community on Reem Island. It is scheduled for completion in mid 2010, which means residents of RAK Tower will be able to enjoy their new homes ahead of many other comparable projects within Abu Dhabi.

Philip Ward, Chief Executive Officer of Abu Dhabi Finance, said:

“RAK Tower promises to be one of the landmark developments in Marina Square on Reem Island. The fact that this exciting project is quickly nearing completion and that its facilities are of exceptional standards, home owners and investors alike are really excited about it. At Abu Dhabi Finance, we are really pleased to be able to offer our flexible home finance solutions for buyers of these high quality units.”

RAK Properties is a Public Joint Stock Company formed in 2005 with support from the government of Ras Al Khaimah. With a sound capital of AED 2 billion, RAK Properties aims at supporting and promoting the economic growth of Ras AL Khaimah and the UAE.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said:
“Abu Dhabi Finance has become one of the Emirate’s fastest growing mortgage lenders with an unrivalled customer-centric approach. We are delighted that our clients will be able to benefit from the dedication, professionalism and flexible payment options Abu Dhabi Finance can offer. This agreement builds up further confidence in our company and its projects”

Abu Dhabi Finance was launched in 2008 and has since grown to cover more than 70 per cent of the property market in Abu Dhabi. Developers currently covered include Aldar Properties, Sorouh Real Estate, Tourism Development and Investment Company, Capitala, Green Emirates Properties and Profile Group Properties. RAK Properties now joins this list.

Developments covered by Abu Dhabi Finance include: Al Dana: World Trade Centre,; Al Bandar: Al Manara, Al Barza, Al Naseem Residences; Al Gurm; Al Zeina; Al Seef; Rihan Heights; Alghadeer; Jouri & Khuzama Town Homes; Gardinia Narjis: Lailak Villas; Orchid Villas; The Gate District: Sky Tower, Sun Tower, The Gate Tower; Tala Tower; Marina Heights I and II; Phase I and II Saadiyat Island and Yas Island.
 

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