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Aldar in mortgage deal with Barclays for Al-Raha Beach

Abu Dhabi's ALDAR Properties said on Monday it had signed an agreement with Barclays Bank Plc, UAE to provide mortgages for ALDAR's Al-Raha Beach projects, the UAE's official news agency WAM reported.

It marked the first deal for ALDAR involving a foreign bank and Barclays is the first foreign bank to offer mortgages to the Abu Dhabi market through its branch offices in the UAE, the agency added.
"ALDAR is pleased to enter into this agreement with Barclays Bank. It is part of ALDAR's strategy to form alliances with reputable international companies," said Ronald Stephen Barrott, CEO, ALDAR Properties.

Barclays will offer mortgages to ALDAR's developments on Al-Raha Beach which consists of eleven precincts housing up to 120,000 residents and covering over 11 kilometres of natural beach front, it said.

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