DIB, Al Abbas ink Lynx DSO deal
Dubai, June 14, 2008
Dubai Islamic Bank (DIB) has signed a memorandum of understanding (MoU) with Al Abbas Group, a leading business group in the UAE, for the Lynx at Dubai Silicon Oasis, a project developed by Earth Developers, the real estate arm of Al Abbas Group.
According to the MoU, DIB will provide Islamic financing facilities to meet the needs of prospective owners of residential and commercial units at the Lynx.
Launched in 2007, the Lynx at Dubai Silicon Oasis is Al Abbas Group’s first foray into the Dubai real estate market.
The Lynx is an exclusive mixed-use project created to cater to the growing demand for affordable residential and commercial spaces in the emirate. It offers a choice of 143 residential units comprising studios, one-, two- and three-bedroom apartments along with 83 office and 11 retail units.
Lynx is located in close proximity to shopping malls, supermarkets, schools, parks, as well as entertainment, recreational, and healthcare facilities both within and outside the Dubai Silicon Oasis development, offering families the ideal mix of convenience and comfort.
The Lynx is part of Dubai Silicon Oasis, a development created to be a state-of-the-art global technology hub. Investors have recognised the massive potential of the project, with 95 per cent of the Lynx already sold out.
The groundbreaking ceremony of the project was held in May 2007. With construction currently underway, the Lynx is scheduled to open its doors in the second quarter of 2009.
Mohammad Ameery, chief of retail and business banking, DIB, said supporting the 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,' he added.
'Developments such as these are why Dubai continues to be a global leader in the creation of cutting-edge developments that seamlessly meld together communities, technology and family life.'
'Real estate financing remains at the core of our customer offerings, and we are determined to continue to be a financial institution that offers Sharia-compliant financing for the developments that will add the most to Dubai,' he added.
Commenting on the new partnership with DIB, Hadi Ebrahim Al Abbas, managing director, Earth Developers, said, “We are pleased to have partnered with Dubai Islamic Bank, the first institution to have introduced Islamic banking to the UAE market.'
'Our strategic alliance with DIB will allow us to cater to a diverse customer base and provide financing solutions for the Lynx at Dubai Silicon Oasis.'
'This is our first partnership with the bank, and we look forward to collaborating with them on more projects in the future. I am confident both investors and residents will stand to benefit from their investment in the project, as Dubai Silicon Oasis is a location with immense growth potential,' he added.-TradeArabia News Service