Dubai Islamic Bank (DIB) has announced the launch of its first investment project in Lebanon. Entitled Matal Al-Qamar, the project comprises residential units, which will be offered on freehold basis to regional investors.
Matal Al-Qamar will be established at a strategic location in the Quernayel Falougha area, which is just 36 kilometers from Beirut and connected to the city by three major highways.
The project, set on 50,000 square meters of land comprises 80 residential units, which include town houses, duplex and triplex apartments and special units set near the waterfall area. In addition, the complex offers a luxurious lifestyle with several common facilities including a mini golf course, tennis courts, health club, swimming pool, a pet zoo and a park.
"Recent reports have shown that Arab investors have parked more than $500 billion worth of investment capital in the developed countries, while inter-Arab investment accounts for less than 10 percent of the region's total investments," said CEO of DIB, Butti Khalifa Bin Darwish. "We believe that it is important to channel greater inter-Arab investment and thereby generate more confidence in the region. In fact, the UAE has already invested more than one billion dollars into several Arab countries, to become one of the biggest contributors to regional investment activity," he added.
Established in 1975, DIB is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the United Arab Emirates (UAE) Government, the Central Bank and people of the UAE. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
