Hashim Al Dabal, CEO of Dubai Properties, said: "We are delighted to launch this joint venture to enhance our capabilities and benefit from the opportunities available in the growing real estate sector."
"This joint venture is in line with Dubai Properties' strategy of forming strategic alliances which would allow us to participate more in the growing opportunities in the real estate sector. We have a wide range of real estate development projects across the UAE and we intend to add to these."
Saad Abdul Razak, CEO of Dubai Islamic Bank, said: "The joint venture will be a specialist firm for developing unique projects to sustain growth in the UAE's real estate sector. Over the past 30 years, DIB and its subsidiaries have accumulated substantial experience in managing and financing real estate projects. The Bank has proved to be an active contributor to financing real estate in the UAE."
Deyaar has recorded significant growth to become one of the major real estate specialists in the country. "Deyaar is one of the most successful real estate company, headquartered in Dubai. The company was launched in 2002 as a 100 per cent-owned subsidiary of Dubai Islamic Bank. Deyaar provides a full range of property development, management, leasing and brokerage services for residential and commercial properties - a one stop real estate company," said Zack Shahin, CEO of Deyaar.
Dubai Properties is implementing a series of major real estate development projects, and has several other projects in the pipeline through companies it has a relationship with through Dubai Holding. These include the Dubai Healthcare City, the expansion at Dubai Media City, Dubai Internet City, Jumeirah Beach Residence, and the Business Bay project, one of the largest real estate projects in the region.
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Dubai Properties and Deyaar in joint venture to develop real estate projects
- United Arab Emirates: Sunday, April 03 - 2005 at 16:37
- PRESS RELEASE
Dubai Properties, part of the Dubai Holding Group of the Government of Dubai, has formed a joint venture company with Deyaar, the real estate arm of Dubai Islamic Bank to invest and develop real estate projects in the UAE.
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For further information, please contact:Sameh Hamtini/ Khaled Abdulla
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Dubai Islamic Bank (DIB), which was established in 1975 as a publicly owned company, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
The bank now enjoys a reputation as a leader and innovator in its specialist area and is noted for the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank has been proactive in creating partnerships and alliances at local and international level and has shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects within the UAE, one of which led to the world record $1 billion Sukuk Al Ijara. The issue was arranged for the Government of Dubai Department of Civil Aviation to raise funding for the second phase of the expansion of Dubai International Airport. The bank also lead managed and arranged $350 million Ijara syndication for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm and others in Dubai.
Posted by Lara Lynn Golden, News EditorSunday, April 03 - 2005 at 16:37 UAE local time (GMT+4)
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