Dubai World Central (DWC), the huge 140-square kilometre urban land project under construction in Jebel Ali, has, for the first time, signed an agreement with a real estate finance company to provide financing solutions for end-users looking to purchase freehold property within DWC. DWC Real Estate, the entity tasked with designing, building, developing, selling and leasing properties within DWC, and Tamweel PJSC, the largest provider of real estate finance in the UAE, have forged such partnership initially targeted at DWC Residential City customers, and extendable later to two other real estate components – DWC Commercial City and DWC Golf City.
The contract will enable Tamweel to formulate the different real estate financing schemes for a range of freehold property options in the upcoming mammoth city beginning with DWC Residential City, said Khalid bin Harib, CEO, DWC Real Estate. Bin Harib said, DWC is a visionary project that encompasses the emirates goals until 2050 and beyond. Our partnerships with companies are long-term with a strategic vision to create a unique business hub that the travel, tourism, commercial and logistics world will use and integrate into their multiple levels of activities. Abdullah Nasser Abdullah, Deputy Group Chief Executive Officer of Tamweel PJSC, said that this agreement represents a milestone for Tamweel in its ongoing involvement in some of the most important projects in the UAE.
Eventually home to the worlds largest airport, the Dubai World Central-Al Maktoum International Airport, and some one million residents, the US$33 billion Dubai World Central will form the cornerstone of the future of Dubai, Abdulla said.
We are extremely pleased to partner with DWC, as the first finance provider to end users, and will work diligently to provide the kind of innovative real estate finance solutions that have been the hallmark of Tamweel since its inception in 2004. We have an extremely solid track record, including the provision of over Dhs11bn in finance to date, as well as a wealth of industry-first products and services. We are grateful to DWC for recognising this strength and for choosing us as their trusted partner in the ongoing development of this uniquely world-class project, he added.
Source: Gulfbase August 25, 2008