DIB launches first real estate investment project in Lebanon

Entitled Matal Al Qamar (First Sight of the Moon), the project comprises residential units, which will be offered on freehold basis to regional investors.

Matal Al Qamar will be established at a strategic location in the Quernayel Falougha area, which is just 36 kilometres from Beirut and connected to the city by three major highways.

The project set on 50,000 square metres of land comprises 80 residential units, which include town houses, duplex and triplex apartments and special units set near the waterfall area. In addition, the complex offers a luxurious lifestyle with several common facilities including a mini golf course, tennis courts, health club, swimming pool, a pets zoo and a park.

DIB will open a special sales centre at the Fairmont Hotel for four days from September 10, 2003 where investors can view plans and book units on paying an advance of 10 per cent of the purchase price.

"Recent reports have shown that Arab investors have parked more than $500 billion worth of investment capital in the developed countries, while inter-Arab investment accounts for less than 10 per cent of the region's total investments," said Butti Khalifa bin Darwish CEO, Dubai Islamic Bank. "We believe that it is important to channel greater inter-Arab investment and thereby generate more confidence in the region. In fact, the UAE has already invested more than $1 billion into several Arab countries, to become one of the biggest contributors to regional investment activity," he added.

"As an important step in this direction, Dubai Islamic Bank has invested in real estate in a prime location in Lebanon to offer freehold residential units for sale," said Butti bin Darwish. "This is a significant overseas project for DIB and is the bank's first investment project in Lebanon," he added.

"DIB's choice of Lebanon is a strategic one based on the current high development rate in the country and its potential for significant growth," said Butti bin Darwish. "It has shown immense growth in the last year with excellent return on investment. Lebanon has the region's best landscapes and is especially added value for a real estate project such as Matal Al Qamar. In addition, Lebanon's moderate climate lends itself as an ideal residential and holiday destination at all times of the year and most investors will find homes at this community an ideal getaway," he added.