UAE-based bank, Noor Bank, announced a partnership with Damac Properties to offer financing assistance for select residential units.
Under the collaboration, Noor Bank will provide preferential terms for end-user financing to resident as well as non-resident clients of Damac.
As part of the agreement, the bank has also established a dedicated team for Damac’s customers that will ensure quality of delivery.
Pawan Dhawan, head of home finance at Noor Bank, said: “Through tying in with a 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.”
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 event at the Damac Hills Sales Centre in Dubai.