The development giant, Nakheel, and Dubai Islamic Bank (DIB), the UAE’s largest publicly listed Islamic lender, will form a property company to invest in local projects. The new firm, which would be called Tashyed, was being set up with capital of Dh2 billion (US$544 million) and would have equal equity partnership from both parties, a spokesman for the new venture said.
Nakheel, a property development arm of the Dubai Government, would provide development management and sales and marketing expertise, while DIB would take care of banking, mortgages and financial services for Tashyed. Tashyed would soon begin two residential projects in Dubai on land purchased from Nakheel, in phase two of International City and on a lakefront development at Jumeirah Heights. With an estimated project portfolio of $80bn, Nakheel is one of the world’s largest privately held property developers.
It is currently developing the Palm trilogy, which includes three man-made offshore developments: Palm Jumeirah, Palm Jebel Ali and Palm Deira. Nakheel is also developing The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park and Jumeirah Heights.
Dubai Islamic Bank PJSC (DIB) is a United Arab Emirates-based public joint stock company that provides banking services based on the Islamic Sharia principals. The Bank is engaged in retail and corporate services. Its retail banking products and services include current accounts, savings accounts, investment accounts, home and personal finance, credit cards, and safe deposit boxes. Its corporate banking products and services include letters of credit, letters of guarantee, Murabaha, Sukuk, Istisna, Ijara, Musharika and Mudaraba. DIB is also a provider of direct equity investment, international investment and treasury services. In addition, DIB offers real estate services, such as real estate financing, property management and community services. It operates a network of 48 branches across the United Arab Emirates. The Bank’s international operations are carried out by its subsidiaries and associates.