Attractive Finance for Executive Towers by Dubai Properties

Dubai Properties is a subsidiary of Dubai Properties Group (DPG). It has announced its coalition with the Standard Charted Bank in order to offer Easy loan mortgages. This easy loan serves as a great funding option for potential buyers and those who are the existing owners of the residential units at Executive Towers. This master development is a unique property in Dubai ideally located at one of the prestigious development in Business Bay. The Executive Towers comprises of both commercial as well as residential units.

Customer’s property will be evaluated directly by SCB as a part of this easy loan by some independent surveyors and finance is being offered with minimal documentation requirement from the client. This easy loan mortgage product is beneficial for those who are resident in the UAE and they should also meet some specific eligibility criteria for that matter. This mortgage product offers financing of up to 40 percent of the total property price. The Group CEO of Dubai Properties Group, Mohamed Binbrek said: Dubai Properties' alliance with Standard Chartered, one of the leading Mortgage Providers, is part of an endeavor to provide our clients with viable loan options. We are focused on leveraging synergies across the real estate sector and aim to continue delivering strong investment values to our customers and give them the confidence and security to invest in the real estate market.”

The advantage of these financing terms can be taken by the customers for the final payment for tenure of 3 to 25 years. This financing term is on Dubai Properties Executive Tower residential property units. The financing term for the final payment varies from Dh150000 to Dh10 million. As part of the loan customers can also finance their land registration charges.

Outstanding Trust Certificates are purchased by Dubai Islamic Bank

Dubai Islamic Bank is the largest Islamic bank in the UAE. it is one of the fully fledge Islamic bank which is now on the fastest growing economic sectors comprising of more than 400 institutions. This customer centered organization provides comprehensive solutions to all the financial needs. Recently trust certificates have been purchased by this bank at 88 percent face value through the cash tender offer. This transaction demonstrates that the Dubai Islamic Bank hold on a strong position from liquidity point of view. In addition its healthy repayment capability is also being categorized. The transaction was settled on May 21, 2009. The Chief of Treasury at DIB, Mohammed Saleem said “This transaction is a testament of the market's confidence in DIB's future earning capabilities and its growth strategy.”

Through this transaction DIB has become the first Islamic bank to purchase its outstanding trust certificates. A significant percentage of investors had shown interest and decided to hold the certificates demonstrating the continuing confidence of investors. A rating of A1 /A- has been given by Moodys and S&P to DIB. The bank continues to be in a positive liquidity position and a sufficient funding is being maintained to retire the facility earlier than the maturity. Dubai Islamic Bank successfully established competitive cash tender offer for trust certificates thereby, a favorable offer has been created for investors and moreover, it’s for realizing net gain for this Islamic bank.

In the first quarter of the year 2007, the five year sukuk facility was launched through the inaugural sukuk certificates. For the cash tender offer DIB Capital, Barclays Capital and Standard Charted Bank acted as lead managers for this cash tender offer.