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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