MoU to agree on long term partnership
Tamweel, provider of Sharia'a compliant products and innovative home financing options, is joining hands with Dubai World Central (DWC) - the huge140 square kilometre urban aviation project under construction in Jebel Ali - in a long-term partnership to provide home finance options to DWC customers.
The Memorandum of Understanding (MoU) will enable the two organisations to work closely in formulating the different home financing schemes for a range of housing options in the upcoming mammoth city.
Expected to house and host a million people eventually on completion, the finance agreement will cover all real estate DWC components - Residential City, Commercial City and Golf City.
Khalid bin Harib, CEO, Real Estate, Dubai World Central said: "DWC is a visionary project that encompasses the emirate's goals for the next 50 years. We were looking for a long-term partner who would understand DWC's strategic vision to create a unique business hub that the travel, tourism, commercial and logistics world will use and integrate into their multiple levels of activities.
"Tamweel has a similar vision with the ability to provide the right mix of financing solutions which, through the MoU, will achieve those goals."
DWC's real estate components, which are being developed around Dubai World Central International Airport (JXB) - set to be the world's largest airport - will cater to all income segments.
"Tamweel will draw up a pioneering home financing system along with DWC in line with the ambitious project's goal of being the largest aviation and logistics community in the world," said Adel Al-Shirawi, CEO of Tamweel PJSC.
"This MoU is just the first step in the entire process of making Dubai a place where people can afford to live and work comfortably according to their income needs."
-Ends-
About Dubai World Central:
Dubai World Central (DWC) is a 140 square kilometre urban aviation community centred around the world's largest international airport. Currently being built 40 kilometres from the existing Dubai International Airport the project is almost twice the size of Hong Kong Island.
DWC creates a new benchmark in urban planning and destination living designed to support Dubai's aviation, tourism, commercial and logistics requirements until 2050 and represents one of the most important developments in the history of the United Arab Emirates.
Eventually home to 900,000 people, DWC will be true 'city-within-a-city' with all the amenities that make up a world-class residential destination.
DWC, with infrastructure costs estimated at US $33 billion, comprises six specialized clustered zones: Dubai World Central International Airport (JXB), Dubai Logistics City (DLC), DWC Commercial City, DWC Residential City, DWC Aviation City and DWC Golf City.
DWC is endorsed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Aviation Corporation - Dubai World Central, Government of Dubai.
About Dubai World Central components:
JXB, when completed, will be the world's biggest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually. The airport will have six parallel runways and as many concourses with a 91 metre high control tower that will be an aviation landmark in the Middle East.
DLC will be part of the world's first truly integrated multi-modal logistics platform in a single-bonded free zone environment made up of DLC, JXB, Aviation City and Jebel Ali Port. It is designed as the region's unchallenged logistics hub catering to some two billion people throughout the Middle East, Indian Sub-continent, Africa and the CIS, all within three-to-four hours flying time from Dubai.
DWC Commercial City will be DWC's business and finance hub featuring more than 850 towers, ranging from 6-75 storeys in height. The city, expected to employ 130,000 people, will also boast 25 hotels ranging from deluxe, through to five-star, four-star and three-star properties.
DWC Residential City will include a mix of five-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.
DWC Golf City will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Up to 2,500 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.
DWC Aviation City will be the region's premier centre of excellence for technology manufacturing and science and technology education.
For more information please contact:
MCS/Action, PO Box 20970,
Dubai,
United Arab Emirates
Gladson Ronad
Tel: +9714 390 2960;
Fax: +9714 390 8161
Mob: +971 50 4533479
email: gladson.r@actionprgroup.com
Fouad Kassem
Tel: +9714 390 2960;
Fax: +9714 390 8161
Mob: +971 50 6324150
email: fouad.k@actionprgroup.com
or visit www.dwc.ae
© Press Release 2007
