First Gulf Bank Debuts in Abu Dhabi Market

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ABU DHABI-First Gulf Bank has broken ground on its first condominium and apartment developments here. Ocean Terrace Residence will be a 43-story, 99-year leasehold tower project in the Reem Island sector of the emirate. Seashore Villas will be a low-rise project in Officer’s City.

The entry into the Abu Dhabi market follows the bank’s successful launching last year of Jumeirah Bay, a 9.9-million-sf, three-tower office, retail and residential community in Dubai. That project is valued at AED 480M (US $131 million). FGB will be offering Islamic Finance and mortgages up to 90% of the value of the residences.