Dh660m mortgage financing funds approved by ADFC

Monday saw Abu Dhabi Finance Company (ADFC) declaring that it has approved nearly Dh600 million in mortgage financing funds, out of applications totaling Dh770 million since its establishment last November.

According to the ADFC chief executive Philip Ward, the government-backed company expects the approval of Dh1 billion in loans by this November, if its growth rate holds.

It should be noted that ADFC has stepped in with offers, such as 30-year mortgages and an age limit of 70 at loan maturity, to capture market share, after the recent failure of the government-owned Amlak and Tamweel. The company, according to Ward, is responsible for 20 to 25 per cent of mortgage loans offered.

While 52 per cent of ADWC is owned by Mubadala, the remaining shares of the company are divided among Aldar, Sorouh, Tourism Development and Investment Company (TDIC), and Abu Dhabi Commercial Bank.

Ward informed: “TDIC has announced its intention to sell its shares to the existing shareholders and agreement is now being negotiated.”

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