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Wednesday, November 25 - 2009

Major investor rush for Dubai World Central offerings at Cityscape

  • United Arab Emirates: Sunday, October 21 - 2007 at 13:29
  • PRESS RELEASE

Dubai World Central (DWC) - the mammoth 140 square kilometre urban land development under construction in Jebel Ali - received major investor interest in several of its real estate and property offerings during Cityscape 2007, the largest business-to-business real estate investment and development event in the world.

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  • Ameery (left) and bin Harib shaking hands on the long-term DWC tenants financing deal.
    Ameery (left) and bin Harib shaking hands on the long-term DWC tenants financing deal.
As a result of the demand, DWC signed a MoU with Dubai Islamic Bank (DIB) - the world's first fully-fledged Islamic bank, at the event to finalise an agreement providing financing to DWC customers. The MoU will cover all real estate sales across the project's three main components - DWC Residential City, DWC Commercial City and DWC Golf City.

DWC's real estate components, covering a total of 38.9 square kilometers, commenced phase one lease reservations for three major areas - Residential City Staff Village, Dubai Logistics City (DLC) Staff Village and the DLC Office Park - attracting a diverse range of corporate, institutional and private investors over the three-day event.

"This visionary project is set to change the way real estate practitioners think," said Khalid bin Harib, CEO, Real Estate, Dubai World Central. "With offerings that cater to every strata of society, DWC is truly a city-within-a-city which allows every Dubai resident to look at DWC as home."

"The MoU with Dubai Islamic Bank will look at all possible financing options within DIB's Sha'aria compliant regulations," continued bin Harib.

The Staff Villages which will eventually be home to over 75,000 people found takers from the local and regional market interested in leasing accommodation for their staff. Similarly the DLC Office Park generated huge interest from companies to lease offices after DLC goes operational next year.

Mohammad Ameery, Senior Vice President, Retail and Business Banking Services, DIB, said:

"This MoU with DWC will enable the process of launching the sale of real estate plots, villas, apartments and other real estate units. As per the MoU, DIB will provide Islamic financing facilities for DWC customers and end users for the purpose of acquiring real estate.
"Innovative products and services have been at the core of our customer offerings. In particular the real estate finance segment has been highly promising and we have successfully developed and structured innovative financing deals to meet the requirements of major corporations and government bodies in the UAE and worldwide."


DWC's phase one construction is well underway at the Dubai World Central International Airport (JXB) - set to be the world's largest - with first flights expected by end-2009.

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Notes and media contacts

About Dubai World Central:
Dubai World Central (DWC) is a 140 square kilometre urban aviation community centred around the world's largest international airport. Currently being built 40 kilometres from the existing Dubai International Airport the project is almost twice the size of Hong Kong Island.

DWC creates a new benchmark in urban planning and destination living designed to support Dubai's aviation, tourism, commercial and logistics requirements until 2050 and represents one of the most important developments in the history of the United Arab Emirates.

Eventually home to 900,000 people, DWC will be true 'city-within-a-city' with all the amenities that make up a world-class residential destination.

DWC, with infrastructure costs estimated at US $33 billion, comprises six specialized clustered zones: Dubai World Central International Airport (JXB), Dubai Logistics City (DLC), DWC Commercial City, DWC Residential City, DWC Aviation City and DWC Golf City.

DWC is endorsed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Aviation Corporation - Dubai World Central, Government of Dubai.

About Dubai World Central components:

JXB, when completed, will be the world's biggest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually. The airport will have six parallel runways and as many concourses with a 91 metre high control tower that will be an aviation landmark in the Middle East.

DLC will be part of the world's first truly integrated multi-modal logistics platform in a single-bonded free zone environment made up of DLC, JXB, Aviation City and Jebel Ali Port. It is designed as the region's unchallenged logistics hub catering to some two billion people throughout the Middle East, Indian Sub-continent, Africa and the CIS, all within three-to-four hours flying time from Dubai.

DWC Commercial City will be DWC's business and finance hub featuring more than 850 towers, ranging from 6-75 storeys in height. The city, expected to employ 130,000 people, will also boast 25 hotels ranging from deluxe, through to five-star, four-star and three-star properties.

DWC Residential City will include a mix of five-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.

DWC Golf City will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Up to 2,500 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.

DWC Aviation City will be the region's premier centre of excellence for technology manufacturing and science and technology education.

For more information please contact:
MCS/Action, PO Box 20970, Dubai, United Arab Emirates

Gladson Ronad
Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 4533479

or

Fouad Kassem
Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 6324150

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