Nakheel and Dubai Islamic Bank break ground on first joint venture

Dubai: Tashyed, the property development joint venture set up by Nakheel and Dubai Islamic Bank (DIB), has today broken ground on its first landmark development at Jumeirah Heights.

Located on land sourced from Nakheel, and comprising of a built-up area of approximately 625,000 sq feet, this lake-front development will offer residential accommodation situated within close proximity of Sheikh Zayed Road and Jumeirah Lake Towers, in the heart of New Dubai.

The project will consist of approximately 250 to 300 apartments, townhouses and villas accommodating a population of more than 1,000 people.

Commencement of the project is expected in the first quarter of 2009 and selection of consultants is already underway.

The ground-breaking was attended by Yousuf Kazim, Managing Director, Nakheel Joint Ventures, Jumeirah Village and Jumeirah Islands and Ayman Adel Kamal, Chief Investments and Real Estate, Dubai Islamic Bank, both of whom are to be appointed to the Board of Directors of Tashyed.

The parties intend to commit initial equity capital of Dh2 billion to Tashyed and will undertake real estate developments in the UAE. The design for the project is well progressed on base works and contractors have been selected for amplification of services.

Nakheel will provide development management, as well as sales and marketing services, with Dubai Islamic Bank supplying banking, mortgage and financial services expertise.