Sama Dubai and Emirates Bank set up Dh22b fund

Dubai: Sama Dubai, the international real estate investment and development arm of Dubai Holding, and Emirates Bank Group, represented by Emirates Bank and Emirates Islamic Bank, announced on Sunday the establishment of a joint venture to provide funds for the real estate sector.

The size of this new real estate fund will be approximately Dh22 billion and will be developed over a decade.

The joint venture will create real estate sub funds to attract investors, with each fund being dedicated to a Sama Dubai project from its continually growing portfolio of international, regional, and local real estate projects.

The signing ceremony was attended by Mohammad Abdullah Al Gergawi, Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding, Ahmad Humaid Al Tayer, Chairman of Emirates Bank Group, Farhan Faraidooni, CEO of Sama Dubai, and top executives from both companies.

"Our joint venture with Emirates Bank Group is an important step for Sama Dubai as it continues to focus on developing its prestigious portfolio of international real estate developments," Al Gergawi said.

"We have a strong relationship with Emirates Bank Group and are confident that this combination ? will raise the bar in the real estate investment sector and position this joint venture as a dynamic, global property financial force that delivers strong investment values," Al Gergawi said.

Sama Dubai is a private company owned by Dubai Holding. It is focused on leveraging synergies across international, regional and local real estate sectors with the aim of creating a world class portfolio of partners, properties and investments that will distinguish it as a market leader.

"We are delighted to be working with Dubai Holding through ? Sama Dubai. The joint venture will provide funds for the real estate sector by creating opportunities for investors to maximise their returns on investment. This agreement reflects the strong ties between Emirates Bank Group and Dubai Holding and its various entities. We are confident that this new partnership will cement our relationship further," Al Tayer said.