Nakheel and DIB to form Dh2b property firm

Dubai: Nakheel, a real estate developer with more than $80 billion worth of projects under development, and Dubai Islamic Bank (DIB) have joined together to form a property joint venture company, Tashyed.

Both parties intend to commit capital of Dh2 billion to Tashyed and undertake real estate developments in the UAE. Nakheel will provide development management as well as sales and marketing services, and DIB will supply banking, mortgage, and financial services expertise.

Tashyed is set to commence two 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.

'Ideal partner'

"The signing of the agreement is a further example of our policy to partner with the best. DIB, with its history as the world's first fully-fledged Islamic bank, is the ideal joint venture partner for Nakheel in the financial services sector," said Chris O'Donnell, Nakheel's chief executive.