Nakheel Announce Joint Dubai Property Venture With DIB

WEBWIRE – Thursday, June 26, 2008

Dubai property developer Nakheel and Dubai Islamic Bank (DIB) have established a 2 billion-dirham ($544.6 million) joint property venture in Dubai.

The new firm, Tashyed, is set to begin two new projects in Dubai on land purchased from Nakheel, one, a residential project in Dubai’s International City and the other, a lake-front development in Jumeirah Heights.

Nakheel, a subsidiary of government-owned conglomerate Dubai World, will provide development management and sales and marketing services, while Dubai Islamic Bank will supply banking and mortgage services.

Chris O’Donnell, Nakheel’s chief executive said: “The signing of the agreement is a further example of our policy to partner with the best. DIB, with its history as the world’s first fully-fledged Islamic bank, is the ideal joint venture partner for Nakheel in the financial services sector.”

Zuber Mohsan, CEO for Sandcastles property in Dubai said: “The partnership between these two big names in Dubai property and financial services is significant and we are looking forward to seeing the plans for these two new developments in Dubai.”

“I’m certain this new company, Tashyed, will produce something very special given Nakheel’s reputation as the leading property developer in Dubai” added Mohsan.

Over the last few years Nakheel has developed a portfolio of iconic and innovative landmark property projects in Dubai including the Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City and Dragon Mart.