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.

Ibrahim Eskiocak, head of FGB's real estate department, says his company "has proven its reliability and quality to its customers over the years, and we intend to use these strengths as a foundation for our new venture." He adds, "We intend to make the entire home buying process as stress-free as possible by introducing mortgage specialists who are committed to finding the best rate and best mortgage loan for our buyers."

Ocean Terrace will offer one-, two- and three-bedroom apartments. Seashore Villas is expected to be completed by year-end 2006 and could be ready for occupancy by February 2007, Eskiocak says. Headquartered in Abu Dhabi, First Gulf Bank provides financial services across the United Arab Emirates with a wide distribution network of branches in different business and industrial areas such as Abu Dhabi, Dubai, Sharjah, Ajman and Al Ain.