Abu Dhabi Islamic Bank finances Saudi property acquisition in Manchester

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Abu Dhabi Islamic Bank (ADIB) said on Tuesday it provided financing to Saudi Arabia’s Cedar Tree Investments to buy a 280 million dirhams ($76.24 million) residential portfolio in Manchester.

The bank said Gulf investors are buying UK properties to diversify portfolio risk, take advantage of the weakened pound, and benefit from rental yields, particularly in cities such as Manchester, Bristol and Birmingham.

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