Emirates NBD to offer mortgage loans in Abu Dhabi



Emirates NBD, the biggest bank in the Middle East by assets, entered the Abu Dhabi mortgage lending market for the first time yesterday. "The Abu Dhabi real estate market is at an all-time high with a series of freehold developments being introduced to the market," said an executive of the Dubai-based bank. Emirates NBD's entry into the capital is another sign of Abu Dhabi's mortgage market maturing, although the majority of available properties remain off-plan and yet to be built.

The majority of banks covering the Abu Dhabi market are based in the city. The two largest UAE mortgage lenders, Tamweel and Amlak, are also looking to grow their portfolio. "Abu Dhabi is still an emerging market because properties are more recent and sales have started in 2007 to 2008," said Nabil Abou Nalwan, the head of marketing at Tamweel. "And usually, the mortgage market follows one or two years after. We consider the Abu Dhabi market as solid and prone for big growth."

While banks show general bullishness, a Merrill Lynch industry overview earlier this month warned that Abu Dhabi banks had been "performing badly" during the first half of the year and that "investor appetite had fallen due to the heightened risk aversion regarding the UAE property market and funding constraints at banks". According to analysts, loans in Abu Dhabi grew by 31 per cent in the first half of the year compared with 13 per cent deposit growth. "Growing exposure to the Gulf's overheated real estate sector is a growing concern for banks," the report said.

Mortgage providers, however, have their own precautionary policies. "Our rate policies are different for off-plan properties," said Suvo Sarkar, the general manager of retail banking of Emirates NBD. "We provide up to 90 per cent of the value of off-plan properties from the top developers. As for the secondary market, we only give financing [based on] the original property value. We don't do premium financing of off-plan properties.

"If you buy an off-plan property for Dh5 million and in changing hands it goes up to Dh6m, we will finance up to 90 per cent of the Dh5m. Once it is completed, we will get a complete revaluation through a valuation company and we will give you a percentage of it. We do not want to finance speculation." The bank will initially finance properties from the two main government-backed Abu Dhabi developers, Aldar and Sorouh. "There will definitely be a few more than that," Mr Sarkar said. "We are looking at the developers' reputation and background."

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Teri Baaton Mein Aisa Uljha Jiya

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ROUTE TO TITLE

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Company profile

Company name: Leap
Started: March 2021
Founders: Ziad Toqan and Jamil Khammu
Based: Dubai
Sector: FinTech
Investment stage: Pre-seed
Funds raised: Undisclosed
Current number of staff: Seven

UAE currency: the story behind the money in your pockets
MEDIEVIL (1998)

Developer: SCE Studio Cambridge
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Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

THREE

Director: Nayla Al Khaja

Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni

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Most polluted cities in the Middle East

1. Baghdad, Iraq
2. Manama, Bahrain
3. Dhahran, Saudi Arabia
4. Kuwait City, Kuwait
5. Ras Al Khaimah, UAE
6. Ash Shihaniyah, Qatar
7. Abu Dhabi, UAE
8. Cairo, Egypt
9. Riyadh, Saudi Arabia
10. Dubai, UAE

Source: 2022 World Air Quality Report

MOST POLLUTED COUNTRIES IN THE WORLD

1. Chad
2. Iraq
3. Pakistan
4. Bahrain
5. Bangladesh
6. Burkina Faso
7. Kuwait
8. India
9. Egypt
10. Tajikistan

Source: 2022 World Air Quality Report

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The specs

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Torque: 495Nm
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The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

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Transmission: six-speed and 10-speed

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Sustainable Development Goals

1. End poverty in all its forms everywhere

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if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

UAE athletes heading to Paris 2024

Equestrian

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming

Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics

Maryam Mohammed Al Farsi (women's 100 metres).

Game Of Thrones Season Seven: A Bluffers Guide

Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.

The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.

Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: seven-speed automatic

Power: 592bhp

Torque: 620Nm

Price: Dh980,000

On sale: now

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

2018 ICC World Twenty20 Asian Western Regional Qualifier

The top three teams progress to the Asia Qualifier

Final: UAE beat Qatar by nine wickets

Third-place play-off: Kuwait beat Saudi Arabia by five runs

Table

1 UAE 5 5 0 10

2 Qatar 5 4 1 8

3 Saudi 5 3 2 6

4 Kuwait 5 2 3 4

5 Bahrain 5 1 4 2

6 Maldives 5 0 5 0

Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)


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