Tashyed, the property development joint venture set up by Nakheel and Dubai Islamic Bank (DIB), has broken ground on its first landmark development at Jumeirah Heights.
Located on land sourced from Nakheel, the lake-front development will offer residential accommodation situated within close proximity of Sheikh Zayed Road and Jumeirah Lake Towers, in the heart of New Dubai.
The project, comprising a built-up area of 625,000 sq ft, will have 250 to 300 apartments, townhouses and villas accommodating a population of more than 1,000 people, said a company official.
The project is expected to begin in the first quarter of 2009 and selection of consultants is already underway, he said.
The ground-breaking was attended by Yousuf Kazim, managing director, Nakheel Joint Ventures, Jumeirah Village and Jumeirah Islands and Ayman Adel Kamal, Chief Investments and Real Estate, Dubai Islamic Bank, both of whom are to be appointed to the Board of Directors of Tashyed.
“Following the announcement of our joint venture with DIB last month we have been quick to progress with our plans and it is an exciting step forward to have celebrated the official ground breaking for Tashyed’s first development today," said Yousuf Kazim.
"Together we look forward to combining our expertise in the property development and financial services industries under one umbrella to bring these new and innovative real estate projects to the market," Kazim noted.
Ayman Adel Kamal, said it was the first of several projects the company was developing under Tashyed which would result in the creation of a prominent real estate development company in the region.
"We anticipate that the prime location of Jumeirah Heights and its lake-front setting will play a key role in the commercial and financial success of the project," he noted.
The parties intend to commit initial equity capital of Dh2 billion to Tashyed and will undertake real estate developments in the UAE.
The design for the project is well progressed on base works and contractors have been selected for amplification of services.
Nakheel will provide development management, as well as sales and marketing services, with Dubai Islamic Bank supplying banking, mortgage and financial services expertise.-TradeArabia News Service