Noor Bank, a leading Shari’a-compliant bank in the UAE, today announced that it has partnered with DAMAC Properties, a leading luxury real estate developer in the region, to offer attractive financing options for select residential units.
Under the collaboration, Noor Bank is set to provide preferential terms for end-user financing to resident as well as non-resident clients. As part of the agreement, the bank has also established a dedicated team for DAMAC’s customers that will ensure the highest quality of service delivery.
Speaking about the partnership, Pawan Dhawan, Head of Home Finance at Noor Bank, said: “Through tying in with a renowned regional developer, Noor Bank once again enhances its competitive offering of home financing solutions. Our collaboration with DAMAC allows UAE national and expatriate customers to benefit from some of the most competitive prices for high-end residential units in the market. We are confident that this bundled proposition will attract High Net-worth Individual clients who will benefit from this offering.”
Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “In the UAE, investors and end-users continue to find the property market attractive with higher long-term returns than other comparable markets. The real estate industry represents one of the main pillars of the UAE’s economy, which is to a considerable extent driven by foreign investment. With institutions such as Noor Bank easing up home finance for end-user residents and non-residents looking to buy property in the UAE, we could see a further boost in the UAE property market and the country’s economy at large, helping the emirate maintain the interest of foreign investors who are an indispensable catalyst for market growth.”
Noor Bank and DAMAC concluded their first joint campaign promoting favourable home finance solutions, on 4 February at an exclusive event at the DAMAC Hills Sales Center in Dubai. In addition to preferential pricing, the bank offered personalised service, discounted processing fees, and many other benefits to buyers of select DAMAC luxury residential units. DAMAC on the other hand, offered a waiver of up to AED50,000 on the price of the property, as part of the event.
The event is the first of many set to take place throughout the year, as Noor Bank and DAMAC aim to target the rising high-net-worth individual segment in the region with attractive home finance offers and discounts.