Dubai's Nakheel strikes mortgage deal with Mashreq

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Indebted Dubai developer Nakheel has struck a deal with local lender Mashreq to provide mortgages for investors buying homes at its Jumeirah Park development.

Under the agreement, Mashreq will supply home loans to new, off-plan buyers and those who have already bought but are looking for finance to assist with agreed payments.

The Jumeirah Park complex will include close to 2,800 homes when complete, with 1,780 so far being handed over to buyers.

"This is a major step forward for Dubai's property market, and is welcoming news for end-users. Our collaboration with Mashreq highlights the renewed buoyancy in Dubai's property sector, and the increasing trust among banks and investors in Nakheel and its projects,” commented Nakheel CEO Sanjay Manchanda.

"Dubai's real estate market has revived and revitalised with renewed vigour and is expected to grow further,” added Farhad Irani, head of retail banking group, Mashreq. “It is a lucrative investment when a giant like Nakheel offers a project like Jumeirah Park that is in considerable demand.”

Nakheel said on Monday that it has now fully completed construction and handovers at its Al Furjan community.

Last month, Nakheel said it made a first-half net profit of AED1.2bn ($327m), up 57 percent on the same period last year.

Revenues for the first half of the year stood at AED4.23bn, up 36 percent, the company said in a statement.

It added that the results "demonstrate the continuing growth and strengthening of the real estate market in Dubai and the return of investor confidence and trust".

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