Barclays banks on Dubai Properties

Barclays Bank has agreed to provide mortgages for Dubai Properties' entire portfolio of development projects, including those currently under construction.

Barclays will provide mortgages to homebuyers resident in Dubai, as well as those looking to buy Dubai homes or invest in overseas property. The bank will offer financing at branches in over 60 countries overall.

Hashim Al Dabal, CEO of Dubai Properties, said: "Barclays is one of the largest and oldest financial institutions in the world.

"The relationship established between Barclays and Dubai Properties is a close relationship that will benefit our clients."

Financing will be available for property investments, as well as people looking to buy property abroad for residential use, while Dubai Properties' existing developments include the 1.7km Jumeirah Beach Residence, Business Bay and The Villa.

The development Dubailand meanwhile offers residential properties with a Spanish hacienda community feel.

Last month Barclays launched a range of mortgages for the Dubai property market, available in sterling, Euros, US dollars and UAE dirhams, to take advantage of recent changes to Dubai property laws.

Covering buy-to-let, owner-occupiers and off plan property, loans are available up to AED7.5 million, with approval given within 24 hours of application.

Philip Ward, head of mortgages at Barclays, said: "This agreement is just the beginning and we look forward to a long and successful relationship with Dubai Properties."

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