Nakheel, Dubai Islamic in $544mn property venture

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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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Dubai Islamic Bank - UAE
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