Al Burj Real Estate announces sales of Dh3.5bn in Phase I of Madinat Al Arab

The company achieved the unprecedented sales in less than a year of its operation, reflecting its extensive industry knowledge and expertise of its stakeholders coupled with the burgeoning demand for real estate developments in the UAE. Al Burj Real Estate, which is initiated by Dubai Islamic Bank with leading businessmen and corporate groups in the UAE and the region, was launched in 2005 with a committed capital of Dh7 billion, making it one of the largest capitalized shareholding firms in the UAE.

Al Burj Real Estate officials stated that the Madinat Al Arab project continues to generate tremendous demand from investors and developers alike in view of its iconic nature. The core objective behind the Dubai Waterfront development is to create a world-class destination for residents, visitors and businesses in the world's fastest growing city, creating a quality of sophisticated lifestyle unmatched in the world.

In his comments on the tremendous sales achievement, Saad Abdul Razak, Head of Executive Committee & Board Member of Al Burj: "It is a matter of immense privilege to announce the significant sales achieved by Al Burj Real Estate during its first year of operations. We were always confident of the inherent demand for Madinat Al Arab development, but achieving sales of Dh3.5 billion within such a short span of time also reflects our core competency and industry expertise of our stakeholders and highly-qualified professionals."

Saad Abdul Razak added:

"Al Burj Real Estate's investment in Madinat Al Arab will continue in its Phase II in the near future and is also eyeing other developments in Dubai Waterfront as part of our venture into various residential, commercial and office developments in the UAE. We will also continue to concentrate on strategic investment opportunities in projects by leading developers in the UAE & GCC markets within our broad strategy to provide unique real estate investment opportunities customized to suit individual investors' needs."

The company, plans to own and manage a portfolio of real estate that includes residential and commercial properties. The company has involved the expertise and extensive industry experience of highly-qualified professionals and experts who play pivotal roles in driving Al Burj Real Estate's initiatives and objectives.

The Madinat Al Arab and the Dubai Waterfront development is set to become a benchmark for integrated development and offers access to the Jebel Ali Free Zone, Aviation City, Jebel Ali Airport, and close proximity to both Dubai and the capital Abu Dhabi and has also taken into account the planned metro link-up, thus becoming one of Dubai's unique master-planned communities.