Abu Dhabi approves $816m property loans
Abu Dhabi, December 26, 2012
The Abu Dhabi Department of Finance has approved loans worth more than Dh3 billion ($816 million) for funding commercial buildings allocated for citizens in the emirate, said a report.
The Commercial Buildings Finance Committee under the department of finance took the resolution in line with instructions given by the emirate's leadership to secure real estate finance to citizens who own commercial and investment lands and wish to build them but faced difficulties to get adequate finance, reported the official UAE WAM news agency.
The loan approval will help citizens to have stable revenues from these facilities. Of the total 245 finance facilities, 133 were allocated for demolishing and rebuilding residential towers and villas, while 103 were for constructing new buildings and nine for building annexes to buildings, the report stated.
In 2005, the government of Abu Dhabi had issued the commercial buildings finance law to help landowners get funds for real estate developments.