UK-based lender Barclays has announced the launch of mortgages in Dubai tailored specifically to buyers in the United Arab Emirates' property market in a move intended to boost its presence overseas.
The mortgage range will be available in four different currencies and three different products: owner-occupier, off plan and buy-to-let. The bank also promises to approve applications within 24 hours.
Barclays will be the first mortgage provider in Dubai to offer customers a number of currency options and quick approval, the bank said. The new mortgages will be offered by the banks international retail arm, which is focused on growing Barclays’ presence in attractive markets, including Dubai.
In February 2006, Barclays announced its intention to increase the proportion of profits it generates from outside the UK to 50% within three years, from 40% in 2005. David Roberts, chief executive of international retail and commercial banking operations, said: Barclays has clearly stated its international ambitions and Dubai is an attractive, fast growing market in which Barclays wishes to grow.