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Wednesday, May 14, 2014

Shariah Saunas by Damac Boost Dubai Global Push: Islamic Finance

By Dana El Baltaji

Bloomberg - May 13, 2014

Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas.
Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said May 12. The company’s Constella property will have segregated swimming pools and gyms, separate floors for women and won’t serve alcohol or pork.
Damac is benefiting from Dubai’s real estate- and tourism-led economic recovery, with the government predicting property prices will surge as much as 40 percent this year. The emirate’s ruler, Sheikh Mohammed Bin Rashid Al Maktoum, set a three-year timetable in October to become the capital of the Islamic economy, seeking to overtake centers such as Malaysia.

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