TDIC signs mortgage deals with five banks


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In a move to boost buyers' confidence in Abu Dhabi, the Tourism Development and Investment Company (TDIC) today announced agreements with four banks and a finance company to provide mortgage financing for buyers. Lee Tabler, the chief executive of TDIC, said the agreements would "demonstrate that, despite the current financial climate, Abu Dhabi is still a viable and attractive investment opportunity". The offerings are more generous than those being offered by most banks. Lending to property buyers has been cut back dramatically as a result of the slowdown in the property sector. Abu Dhabi Finance, a joint venture between several Abu Dhabi developers and Mubadala Development, the government investment company, is offering mortgages with loan-to-value ratios of 85 per cent for period of three to 30 years. The banks that signed agreements with TDIC are Standard Chartered Bank, Abu Dhabi Commercial Bank, Mashreq Bank and National Bank of Abu Dhabi. Mr Tabler also said the planning and construction of Saadiyat Island "have not slowed down", despite sales slowing. Foundations are under way for the museums, including the Louvre and the Guggenheim, which will be completed in 2012 or 2013. Cars would be able to travel over the Saadiyat Bridge from July, and it would be fully opened in September, Mr Tabler said. bhope@thenational.ae

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Saturday's results

West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley

Manchester City v Chelsea, 9.30pm 

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The specs

Engine: 3.9-litre twin-turbo V8

Power: 640hp

Torque: 760nm

On sale: 2026

Price: Not announced yet