7 banks conclude industrial mortgage contracts with 32 factories in Abu Dhabi

7 banks conclude industrial mortgage contracts with 32 factories in Abu Dhabi

20 Apr 2020
Industrial Development Bureau, DED - Abu Dhabi

The Industrial Development Office of the Department of Economic Development in Abu Dhabi announced the provision of the industrial project mortgage registration service for licensed and registered industrial establishments with the aim of enabling them to obtain financing from banks and financial institutions approved in the UAE by applying the terms and conditions of the insurance mortgage. Muhammad Munif Al-Mansouri, Executive Director of the Industrial Development Bureau, said that the industrial project mortgage registration service is one of the office's most important initiatives aimed at securing industrial projects in the Emirate of Abu Dhabi and ensuring the continuity of their production and development of their operations by providing security and necessary financial support, calling on the owners of industrial facilities licensed by the office At the level of the Emirate of Abu Dhabi to benefit from this service.

He explained that there are about 7 banks and banks operating in the country that have concluded industrial mortgage contracts with about 32 factories in Abu Dhabi, and given the importance of this service, the Industrial Development Office has been keen to provide it as part of the package of initiatives that it provides through its website ar AE / idb.added.gov.ae / / https. He added that the period of the industrial mortgage extends for five years from the date of issuing the contract, and it is renewed for a similar period by the mortgage authorities, which are banks and financial institutions, indicating that the banks that currently provide the insurance mortgage service are "Abu Dhabi First", "Abu Dhabi Commercial", and "Emirates NBD" "Al-Arabi for Investment and Foreign Trade", "Fujairah National", "Dubai Islamic" and "Al-Mashreq".

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