Sama Dubai and Emirates Bank Group establish joint venture to create real estate funds

The size of this new real estate fund will be approximately AED 22 billion and will be developed over a decade. The joint venture will create real estate sub funds to attract investors, with each fund being dedicated to a Sama Dubai project from its continually growing portfolio of international, regional, and local real estate projects.

The signing ceremony was attended by HE Mohammed Al Gergawi, Executive Chairman of Dubai Holding, HE Ahmad Humaid Al Tayer, Chairman, Emirates Bank Group, Farhan Faraidooni, CEO, Sama Dubai, Mahdi Kazim, Senior Manager and Head of Corporate Banking Unit, Emirates Bank, and other top management executives from both companies.

HE Mohammed Al Gergawi said: "Our joint venture with Emirates Bank Group is an important step for Sama Dubai as it continues to focus on developing its prestigious portfolio of international real estate developments.

"We have a strong relationship with Emirates Bank Group and are confident that this combination, of a leading international real estate company and a large regional financial Group, will raise the bar in the real estate investment sector and position this joint venture as a dynamic, global property financial force that delivers strong investment values."

Sama Dubai is a private company wholly owned by Dubai Holding. It is focused on leveraging synergies across international, regional and local real estate sectors with the aim of creating a world class portfolio of partners, properties and investments which will distinguish it as a market leader.

HE Ahmad Humaid Al Tayer said: "We are delighted to be working with Dubai Holding through its international real estate investment and development arm, Sama Dubai. The joint venture will provide funds for the real estate sector by creating opportunities for investors to maximize their returns on investment. This agreement reflects the strong ties between Emirates Bank Group and Dubai Holding and its various entities. We are confident that this new partnership with Sama Dubai will cement our relationship further."

The significant contributions of Emirates Bank Group to the development of the financial services industry, along with its various initiatives have positioned it as an industry leader among the region's financial institutions. The Group enjoys a solid financial position and ranks among the top UAE banks in terms of total assets and profitability. Its financial services include corporate, retail and Islamic banking, property development, insurance, brokerage services and training; as well as various community services.