Deyaar launches on Al Reem

by ArabianBusiness.com staff writer Saturday, 19 May 2007

Deyaar has launched its first venture in Abu Dhabi's property market with a residential project on Al Reem Island.

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The firm - the real estate subsidiary of Dubai Islamic Bank - has acquired three plots from Reem Developers in the Najmat project close to a hotel and a mall development with views of the Bay Centre Marina.
The plots are worth around US $70.3 million (AED258 million).

Construction will begin by the end of the year and Deyaar is currently appointing consultants and designers.

Al Reem Island is a residential, commercial and business project on Al Reem Isle, a natural island off the coast of Abu Dhabi island. It is being developed separately by Sorouh (Shams Abu Dhabi), Reem Investments, and Tamouh.



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