Nakheel joins forces with Dubai Islamic Bank

22 June 2008
Dubai-based developer Nakheel and Dubai Islamic Bank (DIB) have formed a joint venture property company to develop projects in the UAE.

The company, Tashyed, is working on projects in Dubai on land purchased from Nakheel.

Initial concept and design work is set to begin on a residential project within phase two of International City and on a lake-front development at Jumeirah Heights.

Nakheel and DIB intend to commit capital of AED2bn ($545m) to Tashyed.

Nakheel will provide development management, as well as sales and marketing services, while DIB will supply banking, mortgage, and other financial expertise.

It is not the first time Nakheel and DIB have worked together on a project.

In 2005, DIB subsidiary Al-Burj Real Estate bought 60 percent of the land in the Madinat al-Arab district of Nakheel’s Dubai Waterfront development (MEED 23:9:05).

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