National Bank of Abu Dhabi (NBAD) has launched a real estate programme for Egyptian expatriates to purchase, finish or furnish residences in their home country. NBAD’s new programme can finance up to 70% of unit value, for Egyptian expatriates in the UAE as well as UAE Nationals, who are banking with NBAD.
There are currently over 300,000 Egyptian expatriates in the UAE, comprising the largest Arab community in the country. NBAD is the only bank in the UAE offering a product that enables Egyptian expatriates residing in the UAE to finance properties in their home country.
Customers will be offered competitive interest rates and handed an approved list of trusted developers to choose their residence. This product demonstrates NBAD’s unique combination of expertise in the Egyptian market and a strong branch network across the country. The mechanism works by availing the loan from NBAD, either in the UAE or in Egypt; instalments are then transferred automatically from customers’ accounts in the UAE to their accounts in Egypt for settlement.
This initiative reflects NBAD’s commitment to Egypt, building on the historic ties between the UAE and Egypt.
Ahmed Ismail Hassan, NBAD Egypt’s Country CEO, 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. We are very excited to offer a unique opportunity for Egyptian customers to invest for a brighter future for themselves and their families.”
Suvrat Saigal, Managing Director & Head of Global Retail, said: “This product demonstrates NBAD’s unique 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. We are committed to offering innovative financial solutions to meet our customers’ personal banking needs and increase our presence in the retail market.”
Ahmed Emam NBAD Egypt’s Managing Director & Head of Retail, said: “We strongly 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.”
NBAD opened its first branch outside the UAE in Egypt in 1975. Today, the bank’s Egyptian network has 700 employees across 24 branches.
Egypt aims to attract $60 billion of foreign direct investments over the next 4 years. Gulf countries and in particular the UAE leaders, have shown unequalled commitment to this country. In the past two years, the UAE has offered over $14 billion of financial assistance.
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