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NBAD secures Westar mortgage rights

by Reuters on Monday, 09 July 2007
Representatives from NBAD and Westar signed and finalised their partnership on Sunday.
Representatives from NBAD and Westar signed and finalised their partnership on Sunday.

National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, said it had agreed with Dubai-based Westar Properties to provide mortgages for its projects.

NBAD would offer home loans to buyers of up to 90% of the value of residences, it said in a statement on Sunday. Westar is developing villas, townhouses and an apartment block in Dubai, according to its website.

Lenders in the UAE have been signing deals with real estate developers to tap a surge in home finance that has resulted from a property boom in the country. Most UAE emirates allow foreign investment in some real estate projects.

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NBAD agreed with Ras al-Khaimah's sole property developer, Rak Properties, last September to provide mortgages for a $2.7 billion real estate project.

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