Dubai World Central (DWC) – the 140 square kilometre urban land development under construction in Jebel Ali – received major investor interest in several of its real estate and property offerings during Cityscape 2007. As a result of the…
Dubai World Central (DWC) – the 140 square kilometre urban land development under construction in Jebel Ali – received major investor interest in several of its real estate and property offerings during Cityscape 2007. As a result of the demand, DWC signed a MoU with Dubai Islamic Bank (DIB) at the event to finalise an agreement providing financing to DWC customers. The MoU will cover all real estate sales across the project’s three main components – DWC Residential City, DWC Commercial City and DWC Golf City.
DWC’s real estate components, covering a total of 38.9 square kilometers, commenced phase one lease reservations for three major areas – Residential City Staff Village, Dubai Logistics City (DLC) Staff Village and the DLC Office Park – attracting a diverse range of corporate, institutional and private investors over the three-day event.
“This visionary project is set to change the way real estate practitioners think,” said Khalid bin Harib, CEO, Real Estate, Dubai World Central. “With offerings that cater to every strata of society, DWC is truly a city-within-a-city which allows every Dubai resident to look at DWC as home.”
“The MoU with Dubai Islamic Bank will look at all possible financing options within DIB’s Sha’aria compliant regulations,” continued bin Harib.
The Staff Villages which will eventually be home to over 75,000 people found takers from the local and regional market interested in leasing accommodation for their staff. Similarly the DLC Office Park generated huge interest from companies to lease offices after DLC goes operational next year.
Mohammad Ameery, Senior Vice President, Retail and Business Banking Services, DIB, said: “This MoU with DWC will enable the process of launching the sale of real estate plots, villas, apartments and other real estate units. As per the MoU, DIB will provide Islamic financing facilities for DWC customers and end users for the purpose of acquiring real estate.”
“Innovative products and services have been at the core of our customer offerings. In particular the real estate finance segment has been highly promising and we have successfully developed and structured innovative financing deals to meet the requirements of major corporations and government bodies in the UAE and worldwide.”
DWC’s phase one construction is well underway at the Dubai World Central International Airport (JXB) – set to be the world’s largest – with first flights expected by end-2009.
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