NAKHEEL AND DUBAI ISLAMIC BANK BREAK GROUND ON FIRST JOINT VENTURE

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Tashyed, the property development joint venture set up by Nakheel and Dubai Islamic Bank (DIB), has today broken ground on its first landmark development at Jumeirah Heights.

Located on land sourced from Nakheel, and comprising a built-up area of approximately 625,000 sq ft, this 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 will consist of approximately 250 to 300 apartments, townhouses and villas accommodating a population of more than 1,000 people. Commencement of the project is expected in the first quarter of 2009 and selection of consultants is already underway.

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.

Yousuf Kazim, said:

"Following the announcement of our joint venture with Dubai Islamic Bank 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. 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."

Ayman Adel Kamal, said:

"Today we are pleased to announce the inauguration project for our joint venture with Nakheel. This marks the first of several projects we are developing under Tashyed which will 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.

The parties intend to commit initial equity capital of AED 2 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.