The Shariah-compliant real estate investment company, Madain, founded by prominent investors in the UAE and GCC region, recently announced plans to further attempt to tap the huge investment potential that exists in real estate projects across the GCC region.
Company officials revealed that in the UAE specifically, there exists many key growth areas for the company which they hope to take advantage of, according to Khaleej Times.
At a recent meeting of board of directors of the Dubai-based company, the scope and size of investment in real estate projects was discussed. Overseen by Mohamed Ramadan Juma, Chairman of Madain, discussed modifications to the articles of association to further improve the way the company operates. A review of the company's financial performance so far was also undertaken, as well as the status of its incorporation process as a private joint stock company.
The board meeting, which was held at the Dubai headquarters of Madain, and was also attended by Walid Rowaieh, Vice Chairman, Adel Lootah, Chief Executive Officer and board members.
"The directors were unanimous in their view that Dubai and Abu Dhabi presented the best opportunities for investment in the real estate sector. As Dubai is the growth area with the biggest potential for investment, it was decided to launch the first project in Dubai, and then eventually move into Abu Dhabi and neighbouring emirates and states,” said Lootah.
