Five of Abu Dhabi’s largest companies will launch a home finance company on Wednesday that will fill the void left by the implosion of credit at home and abroad.

Abu Dhabi Finance is a joint venture between Mubadala Development, Abu Dhabi Commercial Bank, Aldar Properties, Sorouh Real Estate and the Tourism Development and Investment Company.

With Dh500 million (US$136.1m) in paid up capital, it will start by offering mortgages to buyers of properties from the three developers – which account for two thirds of Abu Dhabi’s projects – and then expand to the rest of Abu Dhabi and the nation.

The National