Emaar International Jordan signs agreement with Arab Bank to provide easy finance options for Samarah Dead Sea Resort customers

Amman, Jordan; May 28, 2008: Emaar International Jordan, the country subsidiary of Emaar Properties PJSC, has signed an agreement with Arab Bank to facilitate easy home finance for customers of the Samarah Dead Sea Resort, the JD354 million master-planned community owned by Dead Sea Touristic and Real Estate Investment Company, a venture of Emaar and a group of Jordanian and regional investors. 

Mr Tarek Awad, Vice Chairman, Dead Sea Touristic and Real Estate Investment Company, and Mr Nabil Mushahwar - Regional Manager, Retail Banking Group, Arab Bank, signed the agreement in Amman. As per the agreement, customers of residences within Samarah Dead Sea Resort can obtain long-term, easy home finance options at a very competitive interest rate and repayment period of 25 years. 

Mr Awad said: “The agreement with Arab Bank is a landmark in the real estate sector of Jordan as it marks the coming together of the leading names in property development and banking. Arab Bank has extensive expertise in home finance, and the flexible finance options provided by Arab Bank also highlights our commitment to be responsive of customer needs.”

Mr Steve McCartt, General Manager, Emaar International Jordan, added: “Samarah Dead Sea Resort is introducing a new lifestyle to the country. The easy home finance option will further energise the property sector by providing the opportunity for a wider cross-section of the public to own homes in this pioneering development.”

Mr Mushahwar explained: “Arab Bank is one of the leading financial institutions in the region enjoying the trust of thousands of investors. The home finance plans for Samarah Dead Sea Resort will offer flexibility of financial options for home buyers. This is a step forward in our efforts to build stronger relationships with customers, and highlights our trust in Emaar’s development plans in Dead Sea. We look forward to a long-term relationship with Emaar in Jordan.”

Samarah Dead Sea Resort has been envisaged in line with the growth plan for Jordan as outlined by the King Abdullah II Fund for Development. The project has various key components including Samarah Hillside with residences and a community centre; Samarah Beach with residences and a Spa and Wellness Village; and Samarah Rift with a Retail Village and a business hotel.