(MENAFN- Khaleej Times)National Bank of Abu Dhabi (NBAD) has launched a new programme for Egyptian expatriates to purchase finish or furnish residences in their home country. NBAD's real estate programme can finance up to 70 per cent of unit value for Egyptian expatriates in the UAE as well as UAE nationals who are banking with NBAD.
There are currently over 300000 Egyptian expatriates in the UAE comprising the largest Arab community in the country. Customers will be offered competitive interest rates and an approved list of trusted developers to choose their residence. The mechanism works by availing the loan from NBAD either in the UAE or in Egypt; installments are transferred automatically from customers' accounts in the UAE to their accounts in Egypt for settlement. Ahmed Ismail Hassan NBAD Egypt's country chief executive officer said: "As Egypt has embarked on mega real estate projects many Egyptian expatriates are waiting for opportunities to finance property. NBAD is well positioned to take a lead in the market through this new product. We have also made arrangements with prime property developers to facilitate the search process for our clients." Suvrat Saigal managing director and head of global retail said: "This product demonstrates NBAD's combination of expertise in the Egyptian market and a strong branch network across the country. It will enable Egyptian expatriates to finance their dream homes in their own country and plan for the future. It is also an opportunity for UAE nationals to invest in one of the Arab world's most exciting economies." Ahmed Emam NBAD Egypt's managing director and head of retail said: "We believe that property financing is a major need for most Egyptians working abroad that had not been addressed up to now. This product offers an easy and fast way to satisfy this need." -
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