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Wed 9 May 2007 01:19 AM

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Abu Dhabi mortgage market set to boom

Tamweel CEO says the future 'could not be brighter'.

The mortgage market in Abu Dhabi is likely to increase to Dh 3 billion by the end of the year, with property sales reaching Dh 9 million, according to Tamweel CEO Adel Al Shirawi.

Addressing Cityscape Abu Dhabi, Al Shirawi said growth in the sector was due to healthy GDP, increasing population, reformed property laws, high liquidity, strong foreign direct investment, new lifestyle attractions, environmentally sustainable development and availability of commercial space.

'With a vast natural waterfront and excellent infrastructure, Abu Dhabi is very much a city of the future,’ he said, adding ‘while the home finance industry is just gearing up, the outlook for the future could not be brighter. As the single largest contributor to the UAE's economic growth, Abu Dhabi is channeling much of its share of the country's projected real GDP growth, estimated at nine per cent for 2007, back into the development of the emirate.'

He continued, 'Today, the real estate market in Abu Dhabi is served by three pure mortgage players and seven banks, which are working to meet the steadily increasing demand for both home finance and commercial development in this young, vibrant market. Tamweel, which opened its first office in Abu Dhabi in 2006, is proud to partner with major developers in the emirate to foster the growth of the real estate sector generally and the home finance segment in particular.'

Al Shirawi spoke at a panel discussion ‘Benchmarking Abu Dhabi’s competitive advantage in the global context’ at the Abu Dhabi National Exhibition Centre.

Cityscape Abu Dhabi 2007 launched today and continues until Thursday 10 May. One of the world’s largest real estate events, it showcases projects from 200 exhibitors from over 50 countries.

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