Apr 01 2008
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Mawarid to provide investment opportunities for investors in Cayan developments
Dubai: 1 April, 2008: Mawarid Finance announced recently the partnership agreement signed with Cayan , one of the pioneer real estate development companies in the UAE, to provide finance for buyers in Cayan projects.
Saleh Al Hashimi, Deputy CEO of Mawarid Finance , said: "The new agreement is part of our continuous efforts to become the first choice for clients in real estate funding, as well as providing comprehensive financial services to institutions and individuals."
The agreement is one of several signed by the finance company since its launch in 2007.
" Cayan now joins the list of Mawarid 's prime real estate partners. Clients buying from Cayan are assured of the best service and specialist expertise in Sharia'a-compliant funding. This new agreement is one of several we are working on with a number of companies so as to be able to satisfy their clients' funding demands, whether to buy a house, car, or whatever their requirements may be," Al Hashimi added.
Commenting on the agreement signing with Mawarid Finance , Kareem Derbas, CEO of Cayan said: "Our real estate projects in Dubai are characterised by prime location, high quality of materials used, and luxurious fittings and facilities.
"To date Cayan has delivered three towers in Dubai Marina with the fourth very close to completion. Signing this agreement with Mawarid will provide our clients with a variety of Islamic finance options that will assist them in buying their dream home."
Mawarid Finance is a new private joint stock company established in Dubai, UAE, towards the end of 2006 with a paid-up capital of one billion dirhams. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.
Mawarid Finance is the only finance company in the UAE that is completely independent. The company's shares are distributed across 352 shareholders, with companies or organisations owning not more than 5% each of the capital and no individual shareholder's stake exceeding 2.5%, giving the company the operational freedom to secure a leading position in the Islamic banking market in the UAE.
Mawarid Finance specialises in the competitive development of Sharia'a-compliant financial services, focusing on rapid growth through outstanding customer service.
Mawarid Finance is structured as an integrated financial institution that specialises in providing all services related to finance and business, responsive to the rapid growth taking place in Dubai and modelled on the spectacular development of Dubai and the UAE as a whole.
Mawarid draws its strength from a solid vision for the future articulated by a team of leading industry professionals, a close-knit network of strategic partners and business associates, and the financial backing and support of well-established shareholders
Mawarid 's mission is to create superior and exceptionally innovative Sharia'a-compliant products and services, sustaining high-quality performance and maximising market share to become the first choice provider of Islamic financial solutions in a modern business environment.
Cayan is set to become one of the region's leading real estate developers, with a mission to challenge the world of architecture, luxury and exclusivity and create world class developments.
Cayan 's landmark project in Dubai is known as the Infinity Tower, the world's first luxury twisting tower with panoramic views of the blue Arabian Sea and the eight wonder of the world (The Palm). In Saudi Arabia, Cayan 's latest vision is the exquisite Lamar project, developed at the "best address" on the Red Sea coastline at Jeddah.
As well as being the first high rise development in Jeddah, the SR two billion Lamar will also be the first to offer residential, commercial and retail space - plus a spa - as part of one development, with two stunning residential towers, exclusive shopping mall and high tech offices.
Cayan projects cover a spectrum from exclusive residential property to commercial projects. The company handles every aspect of corporate activities including sourcing the right location and land for investment, developing the project concept, financial modeling, project management, stakeholder management (including consultants, architects and contractors), shareholder management and successful project execution.
The company is developing five projects in Dubai Marina which is possibly the world's most exclusive waterfront development - these include La Residencia Del Mar and The Jewels that have been completed and delivered, Dorrabay, the famous Infinity Tower and Silverene. It is also developing Cayan Business Centre, a freehold commercial tower in TECOM on Sheikh Zayed Road opposite Internet and Media City. Cayan has a number of projects under study both in Dubai, North Africa and the Gulf Region.
It is proud of its team of experts and professionals working in the company from engineers, consultants and financial advisors to the strong marketing and sales team.
Cayan has also various awards for Infinity Tower including "Best International High Rise Architecture", "Best Development, Dubai" and "Best Architecture - Multiple Units, Dubai", "Best Developer Website, Dubai" for www.infinitytower.com and "Best Property Marketing, Dubai" categories in the International and Arabian Property Awards.
For more information, please contact:
Milestones Marketing Communications
Dubai Media City - UAE
Tel: +971-4- 3658491
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