The parties intend to commit capital of Dhs2bn to Tashyed and undertake real estate developments in the UAE. Nakheel will provide development management, as well as sales and marketing services, with Dubai Islamic Bank supplying banking, mortgage, and financial services expertise.
Tashyed is set to commence two landmark projects in Dubai on land purchased from Nakheel. Initial concept and design work is set to begin on a residential project within phase two of International City and on a lake-front development at Jumeirah Heights.
Chris O'Donnell, Nakheel CEO, said: "The signing of a joint venture agreement with Dubai Islamic Bank is a further example of our policy to partner with the best. Dubai Islamic Bank, with its unique history as the world's first fully-fledged Islamic bank and its unparalleled reputation, is the ideal joint venture partner for Nakheel in the financial services sector."
Khaled Al Kamda, Dubai Islamic Bank Group MD and CEO, said: "Combining the expertise of Nakheel and Dubai Islamic Bank leverages the knowledge of two of Dubai's leading organizations which will result in the creation of a prominent real estate development company in the region. We look forward to working closely with Nakheel and the high level of expertise they will bring to this partnership."
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Nakheel and Dubai Islamic Bank enter into a Dhs2bn joint venture
- United Arab Emirates: Saturday, June 21 - 2008 at 17:00
- PRESS RELEASE
Nakheel, one of the world's largest and most innovative real estate developers, and Dubai Islamic Bank (DIB), the leading and the world's first Islamic Bank, have joined together to form a property joint venture company Tashyed LLC.
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Notes and media contacts
About NakheelNakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism.
Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai, and now in key markets around the globe, across a range of sectors - residential, commercial, hotels, retail, and leisure. Nakheel's projects are conservatively estimated to be worth $80bn. Upon completion Nakheel's waterfront projects will have added more than 1,000km of shoreline to Dubai's coastline.
Nakheel's Dubai portfolio currently includes Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, and Dragon Mart.
Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.
About Dubai Islamic Bank
Dubai Islamic Bank has the unique distinction of being the world's first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterize the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.
Dubai Islamic bank remains true to its roots as a customer-oriented organization where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs.
Further information can be found at www.dib.ae
For more information please contact:
Four Communications
tel: +971 55 985 3375/77
Nakheel
Anna McGovern
PR & Communications Executive on +971 50 457 5892
Aaron Richardson
Media Relations Manager on +971 50 5538201
Dubai Islamic Bank
Salah Mohammed
Head of Communications on +971 50 4575403
Posted by Medilyn Manibo, Assistant News EditorSaturday, June 21 - 2008 at 17:00 UAE local time (GMT+4)
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