Dhs7 billion landmark real estate company launched

Al Burj Real Estate, which is initiated by Dubai Islamic Bank with leading businessmen and corporate groups in the UAE and the region, is eyeing massive investments in the burgeoning real estate sector within the UAE.

As part of its investment plans, Al Burj Real Estate has bought a significant share of the property in Phase I of Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront. This investment is Al Burj's initial venture into residential, commercial and office developments in the UAE which is backed by the expertise of its stakeholders, which includes real estate developers, financial institutions and a number of other prominent investors.

Disclosing details about Al Burj's investment strategy, H.E. Dr. Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry and DIB Chairman, said:

"Our core objectives centre on offering a vast array of diversified real estate investment management options, keeping in view the burgeoning demand in the real estate sector. In line with our values and mission, we have made a significant investment in the Madinat Al Arab, which will be anchored by Al Burj, one of the world's tallest buildings, making it a symbol of Dubai's meteoric rise and embodies the vision of the project."

The board of Al Burj Real Estate will be announced soon, he said, adding: "Madinat Al Arab will encompass all the key components of the master plan comprising mixed use, commercial, residential, resort and amenity zones.

Dr. Kharbash also said

"At Al Burj Real Estate, our objective is to involve professionals and experts who will play pivotal roles in all our plans. There has been a boom in the real estate sector and with the continuous economic growth, the demand for real estate will only further accelerate."

The company also plans to develop and manage a portfolio of real estate projects within the UAE and the region that includes residential and commercial properties to provide fully integrated property management solutions for its customers' real estate needs.