Nakheel and Dubai Islamic Bank enter into a AED 2 Billion Joint Venture

Nakheel, one of the world's largest and most innovative real estate developers, and Dubai Islamic Bank (DIB), the leading and the world's first Islamic Bank, have joined together to form a property joint venture company Tashyed LLC.

The parties intend to commit capital of AED 2 billion to Tashyed and undertake real estate developments in the UAE. Nakheel will provide development management, as well as sales and marketing services, with Dubai Islamic Bank supplying banking, mortgage, and financial services expertise.

Tashyed is set to commence two landmark projects in Dubai on land purchased from Nakheel. Initial concept and design work is set to begin on a residential project within phase two of International City and on a lake-front development at Jumeirah Heights.

Chris O'Donnell, Nakheel CEO, said:

"The signing of a joint venture agreement with Dubai Islamic Bank is a further example of our policy to partner with the best. Dubai Islamic Bank, with its unique history as the world's first fully-fledged Islamic bank and its unparalleled reputation, is the ideal joint venture partner for Nakheel in the financial services sector."

Khaled Al Kamda, Dubai Islamic Bank Group MD and CEO, said:

"Combining the expertise of Nakheel and Dubai Islamic Bank leverages the knowledge of two of Dubai's leading organizations which will result in the creation of a prominent real estate development company in the region. We look forward to working closely with Nakheel and the high level of expertise they will bring to this partnership."