May 20 2008 |
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VC Bank to Develop 1.5 Billion Dirham Resort in Nakheel's The World Project
Dubai: Venture Capital Bank (VC Bank) , a Bahrain based Islamic investment bank, has incorporated World Development Company Limited for the purpose of developing a luxury resort on Nakheel 's exclusive project, The World. VC Bank will invest in and develop the island located in the "northern Asia" area of the archipelago of 300 islands after being selected as one of the exclusive group of investors invited to invest in The World.
Mr. AbdulLatif Al Janahi Board Member & CEO of VC Bank commented "It is an honor to be amongst the elite investors chosen to invest in Nakheel 's one of a kind project. We are pleased to be one of a select few financials institutions to invest in The World project; this will be a remarkable step for us."
On his side, the Director of The World, Mr. Hamza Mustafa said, "We are proud to have VC Bank invest in The World. We invite only the very best investors, like VC Bank , to develop the islands within our project to ensure that The World will be the ultimate luxury tourism destination when complete. This marks another successful investment in our project."
VC Bank is the first Islamic investment bank in the GCC and MENA region to specialize in venture capital investment opportunities. Real estate investment is one of four areas of unique investment opportunities across a number of promising asset classes designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments.
The value of VC Bank 's planned luxury resort is estimated at one and a half billion dirhams and the expected competition date will be the end of 2010. The 90,000 square meter island is ideally located at the "northern" end of the "Asian" area of The World overlooking the Arabian Gulf. 113 villas are planned for the resort classified in different categories such as three and four bedroom Sunset Beach villas, two bedroom Canal View and Garden View villas, as well as Lagoon Homes and Water Homes that consist of suites, studios and 1 and 2 bedrooms.
Each unit is uniquely situated on the island. The Lagoon Homes and Sunset Beach villas are right on the beach with stunning vistas. Canal View units have their own exclusive yacht dock.
And finally, the Spa units will have open sea views. The island will enjoy two beaches one facing east and the other west. The dock will be spacious enough to fit 25 yachts. The Island will also offer a luxurious spa, two exclusive restaurants and a sunset lounge. The resort will be operated by a world renowned boutique hotel operator.
Nakheel invites a select group of investors to invest in The World each year. Reclamation on the islands was completed in January this year and demand for the islands remains high as the first developments are starting to take shape.
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About VC Bank
Venture Capital Bank (VC Bank) is the first Islamic investment bank in the GCC and Middle East and North Africa (MENA) to specialize in venture capital investment opportunities designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments. Established in the Kingdom of Bahrain in October 2005, VC Bank operates under an Islamic investment banking license from the Central Bank of Bahrain. With an authorized capital of US$ 500 million and initial paid up capital of US$ 165 million, the Bank benefits from the financial backing and support of a selected group of regional shareholders, an experienced team of industry professionals, and a close-knit network of strategic partners, business associates and allies.
VC Bank offers clients a broad range of superior services and unique investment opportunities across a number of promising asset classes in the GCC and MENA markets. The Bank is active in four principal areas: venture capital and business development, private equity, real estate, and financial advisory.
VC Bank is uniquely positioned to lead the development of the nascent venture capital industry in the region by providing unmatched levels of support for fundamentally strong, undervalued, small-to-medium enterprises (SMEs) that lack the necessary resources for growth and expansion.
For press information please contact:
dxb.lab architecture
Hazim Sarraf
+9714 344 4462
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