TDIC, ADIB sign finance deal 
for Saadiyat Island project

Tourism Development and Investment Company (TDIC), a leading master developer of tourism, cultural, and residential destinations in Abu Dhabi, has signed a co-operation agreement with Abu Dhabi Islamic Bank (ADIB), to provide Islamic home financing for properties at its flagship Saadiyat Island project.

The finance package to be offered under the TDIC-ADIB deal for the potential Saadiyat Island residents, includes finance of up to 85 per cent and competitive profit rates starting from 
six per cent.

The package offers tenures of up to 25 years without processing or any other fees and deferment of up to 10 per cent of the down payment to near handover date, a Press statement issued by 
TDIC said.

This Islamic home finance will supplement the existing home finance agreements already facilitated for the project. It will be available for the Saadiyat Beach Villas commencing immediately. The scheme also has an option for all future property financing on Saadiyat Island, the statement said.

“As more properties become available to buy on Saadiyat Island during 2011 and into the future, and the popularity of Islamic banking increases we expect to see strong interest in these Islamic home finance packages in addition to our existing agreements with other banks in the UAE,” the statement said, quoting Rashid Al Suwaidi, TDIC’s director of sales and leasing.

“The home finance option that ADIB will provide to TDIC clients ensures that all costs for the ultimate buyer are fixed initially and that there are no hidden fees or fluctuating installments. This kind of transparency is a key reason for the dramatic growth of Islamic finance. Clients are keen to avoid implications of any fine print or ambiguous terminology in contracts and this advantage, coupled with the competitive profit rate will aid the uptake of the ADIB option,” said Dhafer Luqman, head of strategy products management international and retail at ADIB.

Saadiyat Island is a natural Abu Dhabi island being developed by TDIC, and upon completion, the island will be home to around 145,000 residents. The luxury Saadiyat Beach Villas will consist of options of three-to six-bedroom properties in Mediterranean, Arabian and contemporary styles.