Nakheel, Dubai Islamic in $544mn property venture

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.

Related:

Market Performance

Dubai Islamic Bank - UAE
5.2
-0.22 -4.06 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
The waiting game: Abu Dhabi's property market

The waiting game: Abu Dhabi's property market

It is rare for an emerging market capital city to experience...

Is Gulf developers' love of London set to cost them a lot more?

Is Gulf developers' love of London set to cost them a lot more?

Controversial changes to property planning legislation in the...

1
Making a splash: Qatar's Al Bandary Real Estate

Making a splash: Qatar's Al Bandary Real Estate

It may not be a household name but Al Bandary Real Estate’s new...

Most Discussed
sponsoredTracking