Commenting on the sales, Mr. Butti Khalifa Bin Darwish, CEO, DIB, said: "The enthusiastic response from buyers for our maiden venture in Lebanon has exceeded our expectations. It has also encouraged us to devise further innovative projects, which will enable us to offer exciting investment opportunities for our clients. We would like to thank investors for their continued trust in and support of DIB investments and projects."
Matal Al Qamar, which means '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. The complex offers a luxurious lifestyle with several common facilities including a mini golf course, tennis courts, health club, swimming pool, a pet zoo and park.
To showcase the project, a dedicated sales centre has been set up at the Fairmont Hotel, Dubai. The exhibition is open to investors until Saturday, September 13, 2003 by which time all the remaining individual properties are expected to be sold.
Prices for residential units range from US$216,000 to US$685,000. DIB also offers buyers an Islamic mortgage of up to 80 per cent of the total value of the property and is one of the few banks that offer completely packaged investment opportunities where it oversees the project right from construction to sales and financing.
"The project offering and financial facilities offered by the DIB at competitive profit margins have played a tremendous role in generating investor excitement and we are confident that the era of end to end project management is finally taking root in the Middle East," said Mr. Butti Khalifa bin Darwish.
The apartments range in size from 250 square metres to 1,000 square metres. The entire project stretches across 50,000 square metres of land. It comprises 80 residential units, which include town houses, duplex and triplex apartments and special units set near the waterfall area.
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70 per cent of DIB's Lebanon-based property
- Lebanon: Monday, September 15 - 2003 at 09:08
- PRESS RELEASE
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Dubai Islamic Bank (DIB) has announced that more than 70 per cent of its Matal Al Qamar residential project in Lebanon has been sold in just two days, with the majority of the individual properties being bought by investors from the UAE.
UAE investors express interest in DIB's project.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 15 - 2003 at 09:08 UAE local time (GMT+4)
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This article was updated on Thu Oct 12 2006.
Notes and Media Contacts »
For further information, please contact:
Sameh Hamtini/ Sudha Chandran
ASDA'A Public Relations,
Burson-Marsteller exclusive affiliate in the Middle East
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Established in 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the UAE Government, the Central Bank and people of the UAE.
The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Dubai Islamic Bank is the first Islamic bank in the world to practically implement this concept. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customers.
Sameh Hamtini/ Sudha Chandran
ASDA'A Public Relations,
Burson-Marsteller exclusive affiliate in the Middle East
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Established in 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the UAE Government, the Central Bank and people of the UAE.
The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Dubai Islamic Bank is the first Islamic bank in the world to practically implement this concept. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customers.
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