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Thursday, 26 November 2009 21:56 UAE time

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Nakheel, Dubai Islamic in $544mn property venture

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 21 June 2008
TAPPING BOOM: Nakheel and Dubai Islamic have set up a joint property venture worth $544 million. (ITP Images)
TAPPING BOOM: Nakheel and Dubai Islamic have set up a joint property venture worth $544 million. (ITP Images)

Dubai developer Nakheel and Dubai Islamic Bank (DIB) have established a 2 billion-dirham ($544.6 million) property joint venture to target the UAE's booming real estate market, the companies said on Saturday.

The new firm, Tashyed, is set to begin two projects in Dubai on land purchased from Nakheel, one in International City and the other in Jumeirah Heights, the companies said.

They said Nakheel, a unit of state-owned conglomerate Dubai World, would provide development management and sales and marketing services, while Dubai Islamic would supply banking and mortgage services.

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READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 21
    26 Nov ' 09 at 20:13
    Red Devil/Sandjocky, I have also had several posts blocked over the past couple of days, posts that speak of the facts only as they...   More  »
  2. UAE real estate market has now hit bottom - analysts 04
    26 Nov ' 09 at 13:07
    Sadly, more wild statements from so called "experts" and "analysts" in the hope that their so called titles will hype the market and...   More  »
  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

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