(MENAFN) The Abu Dhabi Department of Finance has given its nod for 245 finance facilities for funding commercial buildings allocated for citizens in the emirate, the state news agency WAM reported.
The loans approval, which total USD816 million, will help citizens to have stable revenues from these facilities, WAM said.
Of the total, 133 were allocated for demolishing and rebuilding residential towers and villas, while 103 were for constructing new buildings and nine for building annexes to buildings, the report added.
In 2005, the government of Abu Dhabi had issued the commercial buildings finance law to help landowners get funds for real estate developments.
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