Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB), has announced the commencement of the sale of residential units at the Village Garden Katameya project situated in east Cairo.
Burooj recently signed a cooperation agreement with Palm Hills Developments (PHD), one of the leading real estate developers in Egypt, which is listed on both the Egypt and London Stock Exchanges. The agreement covers the sale of 425 units of Palm Hills Development's Village Garden Katameya project, with a total value of EGP 315 million.
Commenting on the agreement, Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, said: "This deal will enable us to expand our client base to reach Egyptian expatriates throughout the UAE and the GCC countries, and will provide Sharia compliant finance to potential customers through Abu Dhabi Islamic Bank's programs."
According to the provisions of the agreement, Burooj and PHD will work together on developing and marketing a number of residential projects focused on middle-income groups. The companies have already started cooperating on the Village Garden Katameya project, a residential development located near the American University, and which is primarily targeting Egyptian expatriates working in the UAE.
Al Zarouni added: "The sale of the residential units at Village Garden Katameya will start during a special ceremony that will be held when Burooj launches its first investment abroad. The event is scheduled to take place at Al Raha Beach Hotel in Abu Dhabi on Monday, 24 May, in the presence of senior UAE and Egyptian officials, as well as guests from the Egyptian community."
-End-
For further information, please contact:
Maryam Keblawi
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mobile: +971 50 4779923
E-mail: maryam@saharagcc.com
Website: www.saharagcc.com
© Press Release 2010
