Abu Dhabi - 09 June 2010: Burooj Properties, the real estate investment arm of the Abu Dhabi Islamic Bank (ADIB) and the leading property developer in the UAE and Middle East, has unveiled new offers for its clients looking to buy residential units in its first project in Egypt - Village Garden Katameya. The offers are targeted primarily at the UAE's Egyptian community, and include special incentives from Burooj or ADIB for periods of up to 15 years.

Burooj recently announced the commencement of the sale of residential units at its Cairo-based Village Garden Katameya project. Construction work on the project is still underway

The units, measuring 155 to 250 square metres, are offered for sale at prices starting from 600,000 Egyptian pounds (EGP). There has already been a huge response from people interested in buying their own houses, especially Egyptians residing in the UAE, as well as from Egyptian and Arab investors. A large number of the units were sold within the first month after the commencement of sales.

Burooj held a special ceremony at Al Raha Beach Hotel in Abu Dhabi, in the presence of a large number of Egyptians and various officials, to promote the units.

Said Adel Ahmed Al Zarouni, Managing Director of Burooj Properties: "The response we have had from investors and buyers for the Village Garden Katameya units reflects the strong demand for modern and luxury residential units in Egypt, particularly among Egyptians living in the UAE and other GCC countries."

"We have noticed the large amount of attention Egyptians and investors are paying to the landmark projects that we are planning to develop in Egypt," Al Zarouni added, saying that Burooj, in cooperation with Palm Hills Development, is planning to launch a new project in Egypt later this year in order to meet the growing demand for residential units.

"We will be launching unit sales in Dubai and the Northern Emirates during a special ceremony to be held on Thursday 10 June at the Al Bustan Rotana in Dubai, in the presence of UAE and Egyptian officials and a number of people from the Egyptian community," said Al Zarouni. "A new package of incentives and privileges will also be announced during the ceremony."

The Village Gardens Katamaya project situated in east Cairo, extends across an area of 559,884 square metres, and includes green spaces and parks spreading over an area of 389,818 square metres. The project's main target buyers are expatriate Egyptians living in the UAE.

Burooj recently signed a memorandum of understanding with Palm Hills Development, the leading real estate developer in Egypt, which is listed on the Egyptian Bourse and British Bourse. The agreement provides for cooperation between the two companies in the development and marketing of a set of residential projects for people with medium incomes. The Village Gardens Katameya project is the first joint project between the two firms.

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© Press Release 2010