Dubai Islamic Bank (DIB) announced today that it has signed a memorandum of understanding (MoU) with Al Abbas Group, one of the UAE's most successful and respected business institutions, for the Lynx at Dubai Silicon Oasis, a project developed by Earth Developers LLC, the real estate arm of Al Abbas Group. According to the MoU, DIB will provide Islamic financing facilities to meet the needs of prospective owners of residential and commercial units at the Lynx.
Launched in 2007, the Lynx at Dubai Silicon Oasis is Al Abbas Group’s first foray into the Dubai real estate market. The Lynx is an exclusive mixed-use project created to cater to the growing demand for affordable residential and commercial spaces in the emirate. It offers a choice of 143 residential units comprising studios, one-, two- and three-bedroom apartments along with 83 office and 11 retail units. Lynx is located in close proximity to shopping malls, supermarkets, schools, parks, as well as entertainment, recreational, and healthcare facilities both within and outside the Dubai Silicon Oasis development, offering families the ideal mix of convenience and comfort.
The Lynx is part of Dubai Silicon Oasis, a development created to be a state-of-the-art global technology hub. Investors have recognised the massive potential of the project, with 95 per cent of the Lynx already sold out. The groundbreaking ceremony of the project was held in May 2007. With construction currently underway, the Lynx is scheduled to open its doors in the second quarter of 2009.
Mohammad Ameery, Chief of Retail and Business Banking, DIB, said: “We are delighted to sign this agreement with Earth Developers, Al Abbas Group. Supporting this initiative falls in line with DIB’s vision to work on the foremost developments shaping the future of Dubai. Al Abbas is one of the most distinguished companies in the UAE, and we are confident that their first development, the Lynx, will be a stunning success.
“Developments such as these are why Dubai continues to be a global leader in the creation of cutting-edge developments that seamlessly meld together communities, technology and family life. Real estate financing remains at the core of our customer offerings, and we are determined to continue to be a financial institution that offers Sharia-compliant financing for the developments that will add the most to Dubai,” he added.
Commenting on the new partnership with Dubai Islamic Bank, Hadi Ebrahim Al Abbas, Managing Director, Earth Developers LLC, said, “We are pleased to have partnered with Dubai Islamic Bank, the first institution to have introduced Islamic banking to the UAE market. Our strategic alliance with DIB will allow us to cater to a diverse customer base and provide financing solutions for the Lynx at Dubai Silicon Oasis. This is our first partnership with the bank, and we look forward to collaborating with them on more projects in the future. I am confident both investors and residents will stand to benefit from their investment in the project, as Dubai Silicon Oasis is a location with immense growth potential.”
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.
DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted a structure never used before in Islamic or conventional banking history. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious “Bank of the Year - UAE” award from The Banker magazine and additional accolades from Euromoney.
About Earth Developers LLC:
Earth Developers LLC is a Dubai-based enterprise that is involved in numerous aspects of the real estate industry. A young and dynamic company scaling new heights, Earth Developers forms an intrinsic part of the renowned Al Abbas Group. From modest beginnings in 1967, today the Al Abbas Group maintains an extensive portfolio of over 24 companies with diverse business interests.
Earth Developers offers a host of services ranging through property development and investment consultancy, to leasing, rental services and property management facilities. Our principal service however, comprises developing and marketing of freehold and leasehold investments in Dubai.
Our current projects, the Lynx and the Atrium Gold Towers, enjoy prime locations at the Dubai Silicon Oasis, a technology free-zone offering comprehensive community facilities. The Lynx is the company’s first project, and is already under construction. The Atrium Gold Towers, the company’s second project, was launched in March 2008.
