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Sorouh Real Estate PJSC, one of the leading Abu Dhabi-based property developers, today announced the signing of a memorandum of understanding with Abu Dhabi Commercial Bank (ADCB) for the financing of residential sales at The Gate Towers, part of Sorouh’s flagship project SHAMS Abu Dhabi, on Al Reem Island.

ADCB is the first bank to date to approve financing for residential property sales for towers 1-3 in The Gate District, a joint venture between Sorouh and Tameer Holding Investment LLC. The joint venture unites the experience, industry knowledge and skill of both property developers, enabling them to create innovative projects.

Mounir Haidar, Chief Executive Officer, Sorouh, said:
“Abu Dhabi Commercial Bank is a key business partner for Sorouh. We are delighted that ADCB has approved residential loans for The Gate Towers as there is already great interest in this property and, with our joint venture partner Tameer, Sorouh is looking forward to work with the ADCB team to help our customers own their own home in Abu Dhabi.”

The ADCB financing options available to Sorouh customers include the best repayment period in the UAE - up to 25 years. ADCB will finance up to 90 per cent of the property value, ADCB also offers a 0 per cent early settlement fee, subject to conditions.

Mr. Ala'a Eraiqat , Deputy Chief Executive Office, ADCB:
“We are proud to be the first bank to partner with Sorouh and Tameer for their joint venture – The Gate – and to offer an attractive mortgage scheme for customers. ADCB has always focused on introducing customer-friendly finance schemes and our customer-centric strategy is evident from the fact that we offer the most competitive product in the market with unparalleled service.”

The Gate Towers is located at the entrance of SHAMS Abu Dhabi, and is an eight-tower, mixed-use development that includes the 74-storey Sky Tower and the 65-storey Sun Tower.

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About Sorouh Real Estate PJSC

Abu Dhabi-based Sorouh Real Estate PJSC is one of the UAE’s leading property companies, with more than AED 100 billion worth of projects under development.

Established in June 2005 with a capital of AED 2.5 billion, Sorouh is now one of the largest real estate developers on the Abu Dhabi Securities Exchange. In July 2008, the company’s market capitalization was AED 23.2 billion with approximately 40,000 shareholders.

Sorouh is active internationally, with up and coming projects in Egypt and Morocco. Working in master-planning, master-development and property related fields, Sorouh has some of the region’s most important developments underway, including Abu Dhabi’s Lulu Island, SHAMS Abu Dhabi, The Gate District at SHAMS Abu Dhabi, Alghadeer, Saraya and Golf Gardens, all developed in close cooperation with the Abu Dhabi Government and its vision for the future.

Additionally, Sorouh has developed partnerships with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment opportunities within Sorouh's real estate portfolio.

About ADCB

Abu Dhabi Commercial Bank – ADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking, ADCB provides treasury derivative services, infrastructure finance, private banking, wealth management and property management services.

Our approach is driven by an ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCB enjoys one of the largest deposit bases with total assets as at 30/6/2008 of AED 128 billion and net profit for the second quarter of 2008 of AED 655.4 million.

Our strong franchise, supported by a network of 43 branches in the UAE including 2 pay offices, 2 kiosks and total number of 126 ATMs covering most prime locations all over the UAE besides 2 full fledged branches in India is reflected in our recent rating of Aa3, which is the highest awarded to a bank in the Middle East.

The Government of Abu Dhabi, through Abu Dhabi Investment Council holds 65% of the capital while the rest is held by various UAE Institutions and Nationals and foreign investors. ADCB’s market capitalization as of 30/06/2008 was AED 24.5 Billion approximately US$6.7Billion.

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