Dubai Islamic Bank inks MoU to finance realty project at Dubai Silicon Oasis

Dubai Islamic Bank (DIB) has inked a memorandum of understanding (MoU) with Al Abbas Group for the Lynx real estate project at Dubai Silicon Oasis, being built by Earth Developers LLC, the realty arm of Al Abbas Group in Dubai. According to the MoU, DIB will provide Islamic financing facilities to meet the needs of prospective owners of real estate units at the Lynx in Dubai.

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.

Launched in 2007, the Lynx at Dubai Silicon Oasis is Al Abbas Group's debut in the Dubai real estate market. The Lynx is an exclusive mixed-use real estate project is to meet the growing demand for affordable residential and commercial spaces in Dubai.