TDIC, Abu Dhabi Islamic Bank sign home financing deal

Tourism Development & Investment Co, a state-owned developer of hotels in Abu Dhabi, signed an agreement with Abu Dhabi Islamic Bank to provide home financing on Abu Dhabi's Saadiyat Island.

The mortgages, which will comply with Islamic banking rules, will offer financing of as much as 85 percent and profit rates starting at 6 percent, TDIC said in an e-mailed statement on Tuesday. The offer, effective immediately, will be in addition to existing finance agreements, TDIC said.

Saadiyat Island, which will have branches of the Louvre and Guggenheim Museums and the Abu Dhabi campus of New York University, will have homes for about 145,000 people when it is completed in 2020.

TDIC has signed mortgage agreements with numerous banks including Standard Chartered, Abu Dhabi Commercial Bank and National Bank of Abu Dhabi. (Bloomberg)