Realty Capital receives Islamic finance Dhs340m financing facility from Islamic banking department in Union National Bank

"We are pleased to have UNB as the financing bank for this landmark project. We have been working closely with UNB for several months to structure a financing facility that complies with Shari'a principles and ensures that end users are well protected through the use of an Escrow account structure", commented Marwan Mansour, CEO, Realty Capital Middle East FZ LLC.

"As one of the leading banks in the UAE, we are proud to work with a prominent developer such as Realty Capital and finance projects that assist the country's development into an iconic destination of the 21st century. In the Islamic Banking Department, we are keen to provide leading and innovative products that enrich this prosperous industry. Moreover, the Islamic banking transaction effectively contributes to the local and international banking system. Both the UAE and GCC have witnessed a remarkable growth in this field during the recent five years," said Irshad Shirazi, Senior Vice President and Head of Islamic Banking Department, UNB.

The tie-up with UNB comes only weeks after Realty Capital announced that it has awarded an Dhs555m contract to Al Naboodah Contracting, a well known UAE based contracting firm. Al Naboodah has recently commenced construction following the completion of enabling works.

Upon completion by December 2009, i-Rise Office Tower will offer office modules starting from 700 square feet, providing investors a free zone location and freehold title in a highly visible location. i-Rise Office Tower is uniquely designed to incorporate both corporate and executive offices, 18 high-speed elevators, restaurants, coffee shops, retail space, a fitness centre, a helipad and an extensive multi-storey car park. The identifiable wave-like profile of the tower reflects the advanced infrastructure and technology-focused vision of the development.