Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has teamed up with DAMAC Properties to introduce a home financing solution enabling UAE residents to secure financing for off-plan properties once construction reaches 35% completion.
This makes DAMAC the first developer to offer such a financing option, making homeownership more accessible and convenient for buyers, according to a press release.
The joint financing plan represents a leap forward, enabling residents and investors to secure prime properties and benefit from market appreciation.
This initiative aligns with DAMAC and ADIB’s commitment to providing customer-centric financial solutions that simplify investing in luxury real estate.
Managing Director of Sales and Development at DAMAC Properties, Amira Sajwani, said: “This is a game-changer for DAMAC, for residents and investors in the UAE.”
Sajwani noted: “A trusted partner like ADIB is essential in bringing innovative and accessible home financing solutions to the market. It is also a testament to our unwavering commitment to making homeownership a reality for many residents. We are thrilled to be the first developer in the UAE to introduce this solution, which makes luxury living even more accessible and sets a new standard for financial flexibility in real estate investment in the UAE.”
Meanwhile, Elie Hayek, Head of Home Finance at ADIB, said: “At ADIB, we are dedicated to pioneering innovative home financing solutions that empower investors and contribute to the growth of the real estate market in the UAE.”
Hayek noted: “Our collaboration with DAMAC Properties exemplifies this commitment, and we are proud to support the introduction of this exclusive plan, which aligns with our vision of providing seamless, Sharia-compliant financing options to homebuyers.”
It is worth noting that this initiative comes as the UAE’s property market is witnessing a significant surge, and buyer confidence is reaching record levels. As property values are expected to climb and market dynamics evolve, this initiative ensures that premium real estate investments remain accessible to a wider pool of buyers.
With this strategic move, DAMAC continues to reinforce its commitment to investor-friendly solutions and set new real estate financing benchmarks.
It is worth noting that in 2024, ADIB recorded AED 6.10 billion worth of net profits after Zakat and tax in addition to operating income of AED 10.63 billion.
Meanwhile, DAMAC Properties was listed on the Dubai Financial Market (DFM) in 2015, yet it delisted from the stock market after it went private in March 2022.
