Chairman of Dubai Islamic Bank (DIB), Mohammed Khalfan Bin Kharbash inaugurated an exhibition to showcase two new Egyptian luxury developments being built by Global Real Estate Development, one of the bank’s subsidiaries.
Global Real Estate Development (GREDC) is capitalizing on its success in the local luxury real estate market with the Egypt schemes. A subsidiary of Dubai Islamic Bank, GREDC is targeting the projects at Egyptian and Arab expatriate real estate investors. Freehold properties are available at both complexes, positioned at locations in Cairo’s modern district just west of the River Nile.
The first, Golden Island Gardens, in the shadow of Muneib Bridge, will have Nile views and its own private jetty with direct access to the river. It boasts two-bedroom apartments on average 140 square metrers in size. The largest is 233 square meters.
The second, the 17-storey Gulf Tower, is situated on one of Greater Cairo’s biggest intersections, Arab League Square in Mohandeseen, and is located on the new express road linking the east and west of the city and adjacent to the city’s new ring road. It contains three-bedroom apartments, villa and office complexes.
GREDC was established in 2002 as a fully-owned subsidiary of DIB to cater to the bank’s expansion in the real estate sector. The company provides various products and services, such as Murabaha Financing for buying and selling buildings, technical marketing and engineering consultancy. The company also offers integrated services, which include property assessment and mediation.
Established on 1975, DIB is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the United Arab Emirates (UAE) Government, the Central Bank and people of the UAE. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
