National Bank of Abu Dhabi provides banker’s guarantee for investors in Hurghada

Hurghada, July 27, 2009 - Situated in Hurghada at the Red Sea, the Luxury Holiday Resort “Samra Bay Marina & Spa Resort” offers its investors a banker’s guarantee provided by the National Bank of Abu Dhabi. For two years the state-controlled bank of the United Arab Emirates will guarantee the
rental income to the purchasers of the apartment units.

“This represents a very attractive security feature for people investing in our holiday properties. It shows the confidence in the rental potential and value enhancement of this premium resort which is situated in a supreme spot here in Hurghada”, says Ahmed Shawky, CEO of the Egypt Developer-Group Orbit.

The "Samra Bay" resort is being built around its own lagoon with an over 1-km seashore strandline. On around 120,000 square metres a luxury resort with building complexes comprising luxurious studio apartments, as well as one and two-bedroom apartments, is springing up. Completion is envisaged for the end of 2011. The infrastructure includes a marina-club, various pools, a spa and beauty club, a sports and fitness centre, a diving school and watersports centre. It comprises entertainment areas, bars and restaurants, possibilities for shopping, 24-hour security as well as medical care on-site.

The region around Hurghada is still expanding and accounts for approximately 50% of tourists visiting annually. Each year around six million international guests visit Hurghada. The great influx of foreign investors during the last years has led to dynamically developing real estate prices at the Red Sea. Following economic reforms foreign direct investments had been steadily on the rise. For 2009 the country expects a slight decline in line with the international financial crisis, but anticipates foreign investments in holiday real estate at the Red Sea to increase again from 2010.

In April 2009 the National Bank of Abu Dhabi was rated as one of the safest banks in the world by the “Global Finance Magazine“. The rating is based on Fitch, and Standard & Poor’s (long-term foreign currency ratings / long-term bank deposit ratings) ratings for the 50 safest banks in the world. The institute received a further commendation in the magazine Euromoney as the best bank in the United Arab Emirates. The emirate holds 70% of the shares in the bank which has assets of approx. $ 44 billion and which achieved a return on equity of 21.5% in the first quarter of 2009.

The “Orbit Group” with an investment volume of around 150 million Euros is seen as one of the leading developers in the Red Sea region. Orbit Group focuses its investment activities on the beauty spots in the region. The worldwide marketing is coordinated by Resort Alliance Trust AG, an international financing service provider that develops ambitious investment strategies of prime holiday resorts for an exclusive circle of clients.

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This release was published on openPR.