Tamweel and partner to acquire US$527 million Dubai land parcel
Home finance group Tamweel said this week it had agreed with a partner to buy AED 1.93 billion (US$527 million) of land in Dubai.
Tamweel, which complies with Islamic finance principles, and Bonyan International will buy 135 plots of land in the Al Jadaf area, Tamweel said in a statement, without saying how it would develop the land.
"We have greatly expanded our current land bank," Tamweel Chief Cxecutive Adel Al Shirawi said.
Al Jadaf is located near Business Bay and close to Dubai International Airport.
Bonyan International has offices in Dubai, Sharjah, Abu Dhabi, Oman, Jordan, Saudi Arabia, Lebanon and London, he said. Demand for mortgages is surging in the UAE, where Dubai kicked off the GCC real estate boom in 2002 by allowing foreigners to invest in property. Source
Tamweel, which complies with Islamic finance principles, and Bonyan International will buy 135 plots of land in the Al Jadaf area, Tamweel said in a statement, without saying how it would develop the land.
"We have greatly expanded our current land bank," Tamweel Chief Cxecutive Adel Al Shirawi said.
Al Jadaf is located near Business Bay and close to Dubai International Airport.
Bonyan International has offices in Dubai, Sharjah, Abu Dhabi, Oman, Jordan, Saudi Arabia, Lebanon and London, he said. Demand for mortgages is surging in the UAE, where Dubai kicked off the GCC real estate boom in 2002 by allowing foreigners to invest in property. Source
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