Barclays/Barclaycard

 Dubai-UAE: 10 October, 2010 – Dubai Silicon Oasis Authority (DSOA), the integrated free zone technology park, today signed a memorandum of understanding (MoU) with Barclays to offer affordable accommodation with competitively priced mortgage rates to Cedre Villas’ buyers

The MoU was signed by Dr. Mohammed Al Zarooni, Vice Chairman & CEO of DSOA and Sultan Abu-Sultan, Chairman,Barclays Bank PLC, UAE on the eve of the ninth edition of Cityscape Global 2010 in Dubai, one of the largest business-to-business real estate investment and development events in the world that runs until 7^th October at the Dubai International Convention and Exhibition Centre.

 Under the agreement, Barclays has extended to potential homebuyers a number of favourable terms based on 3 pricing options: zero per cent for two years, 2.25 per cent for three years or 4.25 per cent for five years and free insurance for the first year.  Customers can benefit from a maximum loan to value of 75%.*

 Commenting on this agreement, Dr. Zarooni said: “As we continue to attract international companies to Dubai Silicon Oasis, we stay true to our strategy through continuously providing our stakeholders with top-notch facilities and services. Today’s agreement with Barclays is yet another step that we take to add  significant value to our Cedre Villas offerings which is brought by a major global financial services provider.“

 “We are confident that this agreement will further encourage prospective buyers to own a villa at the technology park to experience our lifestyle offering in addition to reviving confidence in the real estate market,” Dr. Zarooni added.

 Strategically located to provide easy access to all points of Dubai, the gated Cedre Villas development offers modern comfort and safe community living. The 65,000-sq meter community centre, clubhouses, nursery and k-12 schools, play areas, swimming pools, pedestrian networks, interconnected courtyards and parks are all part of the holistic offering at Cedre Villas.

On the signing of the agreement, Sultan Abu-Sultan, Chairman, Barclays Bank PLC, UAE, expressed his delight with the arrangement with DSOA and said, “The UAE is a mature and competitive banking environment and we work with our customers to meet their needs through offering the most innovative products along with superior service.  Barclays strong heritage both regionally and internationally has enabled us to work with DSOA to create a really attractive proposition for customers.” 

Venky Srikantan, Head of Consumer Banking, Barclays, UAE, added:“Barclays mortgage offering for Cedre Villas is one of the most attractive in the UAE and the best in class product for borrowers.  Giving customers the certainty of knowing precisely what their monthly payments will be makes it considerably easier when budgeting and planning ahead.”

The leasing and sale of all 368 units in Phase-I of the AED1.55 billion Cedre Villas project have been successfully completed, while Phase-II of the project was delivered in June 2010. Almost 40 percent of Phase II units have already been leased and sold.

 * Terms and conditions apply.

About the Barclays mortgage offering for Dubai Silicon Oasis

The interest rate pricing options are 0% for two years, 2.5% for three years or 4.25% for five years. Depending on the term selected under the three options available under this offer, the interest rate will revert to the prevailing Barclays mortgage rate. The processing fee is 0% and the valuation is free. Insurance is free for the first year through the Barclays Group Insurance Scheme. Mortgage and title registration related charges will be paid by the customer. The minimum mortgage term is five years and the maximum is 25 years. The mortgage applicant should have a minimum age of 21 years and should not be older than 65 years. Lump sum payments of up to 30% of the current outstanding amount within each mortgage year can be made without incurring any fees or charges. The offer is for UAE residents only. Homebuyers will be eligible to become a Barclays Premier or Barclays Premier Life customer (terms and conditions apply).

About Dubai Silicon Oasis Authority

A wholly-owned entity of Dubai Government, Dubai Silicon Oasis operates as a free zone technology park for the semiconductor, microelectronic and other high technology-based companies looking to set up their regional headquarters and R&D facilities in the Middle East and Africa region.


About Barclays Corporate

With a strong focus on client relationship, Barclays Corporate provides integrated banking solutions to more than 100,000 businesses and organisations with an annual turnover of more than £5m around the globe.

Our clients are served via a network of relationship, industry sector and product specialist managers, who provide local access to tailored solutions constructed from a comprehensive range of products, services and expertise. These include lending, risk management, trade, cash and liquidity management, and specialist asset and sales financing. Additionally, clients are offered access to the products and expertise of other businesses in the Group, particularly investment banking through Barclays Capital and private wealth management through Barclays Wealth.

Barclays Corporate employs 13,000 globally.