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Saturday, 10 November 2007

Real Estate Bank appoints Dubai Islamic Bank as exclusive financing partner of two premium developments

Real Estate Bank, the government-owned entity specialised in facilitating real estate credit for establishments and government organisations in the UAE, has sealed today (November 4, 2007) a strategic agreement that appoints Dubai Islamic Bank the exclusive provider of Islamic finance solutions to buyers of Real Estate Bank's prime development projects in Liwan City and Dubai Industrial City. The agreement was signed by Abdul Aziz Abdullah Al Za'abi, General Manager of Real Estate Bank, and Mohamed A. Amiri, Senior Vice President for Retail and Business Banking, Dubai Islamic Bank.
The partnership allows Dubai Islamic Bank to provide up to 95 per cent financing to property buyers of Real Estate Bank's Salam Gardens residential development in Dubai Land's Liwan City and the Al Hayat Complex Residential and Al Hayat Complex Commercial projects located at the heart of Dubai Industrial City.
"Being one of the frontrunners of the government's development initiatives, Real Estate Bank has established key partnerships that help improve our access to a broad range of market segments. With Dubai Islamic Bank's solid reputation in providing a comprehensive line of financing solutions, we are confident that this partnership will help address the finance requirements of our existing clients and potential investors," said Abdul Aziz Abdullah Al Za'abi, General Manager of Real Estate Bank.
Commenting on the agreement, Mohamed A. Amiri, Senior Vice President for Retail and Business Banking, Dubai Islamic Bank, said: "This strategic alliance provides flexible solutions to all interested buyers of the residential and commercial properties at Salam Gardens and the Al Hayat Complex. DIB positions this latest development as part of its mission to develop innovative products and services at the core of our customer offerings. Real estate financing is a highly promising market segment, hence we have successfully developed and structured innovative financing deals to meet the requirements of major corporations and government bodies in the UAE and worldwide."
Salam Gardens is a nature-inspired residential development that offers residents soothing comfort with its lush greens, placid lakes and stunning landscapes. Salam Gardens has a range of one and two-bedroom apartments, which are ideal for small families and professionals who love to commune with nature. The residential complex is strategically located in Liwan, a unique mixed-use freehold township within Dubai Land, the world’s largest tourism, leisure, entertainment and lifestyle project.
The Al Hayat Complex Residential and Commercial developments incorporate five buildings, which are deemed to be landmark structures in Dubai Industrial City, an integrated one-stop industrial community that incorporates facilities for logistics, warehousing and labour accommodation, along with commercial, residential and entertainment zones. The Al Hayat Complex project symbolises Real Estate Bank's visionary approach in real estate development with its innovative design and architecture, excellent location and strict adherence to high quality standards.
Real Estate Bank has been embarking on an aggressive expansion program as it firmly establishes itself as one of the key players of the UAE Government Strategy for economic and social development. Collaborating with leading property developers in the region, Real Estate Bank has spread its activities across all high-growth areas in the UAE, creating distinctive real estate projects and providing a range of choices to various market segments. - (AB, 10 Nov 07)

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