Wednesday, May 16, 2007

First Gulf Bank launched Westbury Square

According to reports, the First Gulf Bank is likely to foray into real estate business, with its own subsidiary.

The Vice President of First Gulf Bank, Ibrahim Eskiocak, mentioned that after developing and managing the real estate projects for quite sometime now, they feel that they posses the necessary expertise to enter the real estate market.

This move was taken based on the decision of the UAE Central Bank to permit the banks to take up real estate subsidiaries. As per the current regulations, Banks can now finance and manage real estate works through joint venture subsidiaries, with sixty percent of stake being held by general shareholders.

The subsidiaries are eligible to buy, sell and develop projects, apart from financing and managing them.

Eskiocak mentioned that they plan to launch projects in Abu Dhabi and Dubai.

The Bank, yesterday, launched Dh.600million 'Westbury Square' comprising commercial and residential units at the Business Bay in Dubai.

The project will basically consist of two residential towers with thirty nine floors each and a thirty five storey commercial tower. The project, which is designed by National Engineering Bureau, is due for completion by the end of 2009.

2 comments:

Anonymous said...

With all the residential projects underway and many already sold, there appears no end in sight for the slow down in the Dubai property market. I'm curious when the demand will catch up with the supply

Anonymous said...

there seems to be a problem with west burry square do any body have any idiea about this