Dubai Islamic Bank to offer financing facilities to City of Arabia investors

Notes and media contacts

About City of Arabia

City of Arabia is one of the region's largest private projects, and a key development in Dubailand. The USD multi billion project of 20m sq ft of land in Downtown Dubailand includes the largest shopping mall in the region, the Mall of Arabia; the Restless Planet, a dinosaur theme park with over 100 animatronics dinosaurs; a 10 km long Wadi Walk with Mediterranean-style apartments, cafes and shops beside a flowing canal; and 34 tower blocks for mixed commercial, hotel and residential use. The project will, when completed, provide accommodation for around 35,000 residents.

Ilyas and Mustafa Galadari Group

The Ilyas and Mustafa Galadari Group is a dynamic young company which was founded in 1998. The Group already owns a number of diversified companies in Dubai. The most important of these is the Ilyas and Mustafa Galadari Management Investment and Development Company, which is developing the key downtown area of Dubailand, the City of Arabia.

Sunseeker Middle East has now joined the Ilyas and Mustafa Galadari Group, who have declared their intention of increasing the market in the Gulf and Levant for yachts across the whole Sunseeker range, from 35 feet to 120 ft in length. The Group is also a major player on the Dubai transport scene. It owns a large taxi-fleet, Metro Taxi, with an associated driving school, the Galadari Motor Driving Centre, and workshops, (the Metro Auto Repairing Branch), which together operate over 1100 vehicles of all descriptions. In addition the Group owns one of the largest cold stores complexes in Dubai. Ilyas and Mustafa Galadari also own a jewellery company, which deals in gems and precious stones, a kitchen equipment company, and a company which supplies upholstery to the automotive, boating and hospitality sectors, and specializes in customizing Range Rovers, Mercedes, BMWs and other luxury cars.

Dubai Islamic Bank

Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. The bank has recently announced the breaking of another world record by raising $3.52bn Sukuk for the Nakheel Group. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.

As recognition of its leading role in the international arena, DIB has received many awards from international organizations such as the prestigious "Bank of the Year - UAE" award for 2006 by The Banker magazine and accolades from Euromoney as well. In 2006, DIB received international credit rating by Standard & Poor's and Moodys.

For more information on City of Arabia please contact:
Jane Daly
GolinHarris
Capricorn Tower, 7th Floor
Sheikh Zayed Road
P.O.Box 116462 Dubai, UAE
t: +971.4.332 3308 ext: 205
m: +971.50.6553084
f: +971.4.331 6733

Martina Rohel
Ilyas & Mustafa Galadari Group
PO Box 114444, Dubai, UAE
Tel: +9714-3311022
Fax: +9714-3322311
Or call toll free on 800-8-800