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Madain to unveil residential development in Dubai

- September 27, 2006, 8:15 pm

Madain, the Dubai-based Sharia-compliant real estate investment company, is set to unveil its first major project a Dh860 million residential development in Dubai.

With the official launch just a month away, Madain CEO Adel Lootah said the project will bring close to 800 units onto the market in a mixture of apartments and villas.

Madain Real Estate Company was incorporated in 2006 as a private joint stock company in Dubai with a paid-up share capital of Dh500 million.

Its shareholders include the Ahmad Ramadan Juma (ARJ) Group, a UAE-based trading and engineering services group, Kuwait-based Gulf Investment House (GIH), one of the leading financial services companies in the region, and other GCC investors.

“We are confident that with the help of our partners, associates and an experienced management team, Madain will quickly emerge as a key player in the regional real estate scene,” said Lootah.

Lootah said he could not reveal the exact location or unit pricings until the official launch, but said the project will be priced between the luxury and mid-income ranges and will include retail units.

“At the moment we are talking to our strategic partners and finalising the master plan before the official launch in a month’s time. We will then be able to reveal further details,” he said.

“The directors were unanimous in their view that Dubai and Abu Dhabi presented the best opportunities for investment in the real estate sector.

“As Dubai is the growth area with the biggest potential for investment, it was decided to launch the first project here, and then eventually move into Abu Dhabi and neighbouring emirates and states. It was also agreed at the meeting that the first project will be a major residential development,” he added.

Source - Gulf News

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