November 2007

Leading Islamic Bank sign MOU with Ilyas & Mustafa Galadari Group

Dubai, 7h November 2007 – The Ilyas & Mustafa Galadari Group, developers of the City of Arabia, a landmark residential and commercial project in the heart of Dubailand, have signed a Memorandum of Understanding (MOU) with Dubai Islamic Bank to offer financing facilities on residential and commercial real estate in the City of Arabia.

Ilyas Galadari, Chairman of Ilyas & Mustafa Galadari Group, said “This MOU is an important step in our desire to offer Islamic financing to investors in City of Arabia real estate. With a wide range of property ranging from the Wadi Walk residential apartments to Mall of Arabia retail space, we want our investors to have access to the widest possible range of finance options.”

Mohammad Ameery, Senior Vice President, Retail and Business Banking Services, DIB, said: “We are delighted to sign this MoU with Ilyas and Mustafa Galadari Group that is considered one of the major property development companies in the country. The group is developing City of Arabia that houses modern and unique real estate units in the UAE.”

“This step comes in line with DIB’s vision to meet the requirements of customers who are seeking to acquire properties in City of Arabia. As per the MoU, DIB and Dubai Sport City will be exchanging information in relation to the real estate market and other relevant information that will contribute to developing the real estate sector in the country,” he added.