News Column

Gulf Finance House to develop mixed-use community in DUBAILAND

July 9, 2014

Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has signed a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its DUBAILAND district.

The land sale agreement, which involves the purchase of a total area of approximately 1,200,000 square feet, was concluded in the presence of GFH Chairman, Dr. Ahmed Al-Mutawa, Chief Officer Urban Planning and Infrastructure at Dubai Properties Group (DPG), Mohammed Al-Habbai, and GFH CEO, Hisham Al Rayes.

The new development includes both separate and adjacent villas and housing groups on some 830,000 square feet in addition to integrated-services residential apartments on another 75,000 square feet. The initial development process is expected to launch later this year in 2014 with the project to be completed within the next five years.

Dr. Al-Mutawa said, "We are delighted to announce our newest project in DUBAILAND,   which is already home to a wide range of entertainment, sporting, shopping, leisure and residential projects."

Al-Rayes added, "Core to the GFH business is continuing to expand our investments in the UAE market, where we see considerable opportunity both in real estate as well as other sectors. This is another important step forward in the execution of our strategy and efforts to effectively leverage positive dynamics in the Dubai market and the growing DUBAILAND district. We look forward to building on this initiative, which we are confident will create significant value for the Bank and our stakeholders."

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Source: CPI Financial

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