Dr. Kharbash opens sales centre for Matal Al Qamar residential project

The sales centre and exhibition was inaugurated by Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry and Chairman, DIB in the presence of Mr. Humaid bin Nasser Al Owais, UAE Minister for Water and Electricity.

"The tourism sector in Lebanon has seen significant growth over the last three years as the country leverages its moderate climate and scenic landscapes to position itself as one of the premium tourist destinations of the region," said Dr. Kharbash. "People from the GCC countries form a significant percentage of the tourist inflow into Lebanon especially in the last couple of years," he added.

"The growth of intra-Arab tourism, especially from the GCC countries, has brought with it a significant change in the outlook of the Lebanese tourist industry and has opened up an entirely new and exciting range of opportunities in holiday residences and resort homes," said Dr. Kharbash. "This maiden real estate investment by DIB in Lebanon seeks to cater to this growing intra-Arab tourist segment by providing them with the best infrastructure and tourist facilities in an ideal setting," he added.

The exhibition cum sales centre for Matal Al Qamar was opened to VIP investors today and will remain open until September 13, 2003. The prices for residential units range from US$216,000 to US$685,000. DIB is also offering an Islamic mortgage up to 80 per cent of the total value of the property to facilitate investors.

Matal Al Qamar (First Sight of the Moon) comprises freehold residential units, set in a strategic location in the Quernayel Falougha area in Lebanon. The location is just 36 kilometres from Beirut and connected to the city by three major highways. 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.

The apartments range from sizes of 250 square metres to 1,000 square metres with the entire project being set on 50,000 sq. metres of land. It comprises 80 residential units, which include town houses, duplex and triplex apartments and special units set near the waterfall area.

"Matal Al Qamar is DIB's first real estate investment project in Lebanon and we would like the UAE-based investors to have the first chance to invest in prime residential property that is set in the heart of Lebanon," said Butti Khalifa bin Darwish CEO, Dubai Islamic Bank.