Falconcity of Wonders signs financing agreement with Emirates Islamic Bank
Falconcity of Wonders, the falcon shaped tourist and recreational city designed to resemble the national emblem of the UAE and formed after the wonders of the ancient and modern world has tied up with Emirates Islamic Bank, to finance properties developed within the project.
The contract signed between Salem Almoosa, Chairman and CEO, Falconcity of Wonders and Faisal Aqil, General Manager of Retail Banking, Emirates Islamic Bank, is a strategic alliance, which will be effective in empowering investments required for the project. Emirates Islamic Bank offers a range of Shari'a compliant products and services conforming to principles of Islamic banking.
Salem Almoosa, Chairman and CEO, Falconcity of Wonders said, "Falconcity of Wonders is an exceptional project with its unparalleled size. Our intention is to satisfy the needs and requirements of investors and end users. This alliance with Emirates Islamic Bank, the premier Islamic Banking Service in the UAE, is assured to provide effective and innovative financial solutions for the investors and buyers of the project."
Falconcity, a part of Dubailand, features replicas of the wonders of the world such as the Pyramids, the Hanging Gardens of Babylon, the Eiffel Tower, the Taj Mahal and the Leaning Tower of Pisa. The massive project seats superb architectural combination of the past, and the future.
Faisal Aqil, General Manager, Retail Banking, Emirates Islamic Bank said, “In addition to our portfolio of agreements with the region’s leading property developers such as Emaar, Tameer and Nakheel, comes our latest MOU with Falconcity of Wonders. We were more than satisfied with the level of transparency, professionalism, and integrity presented by Falconcity of Wonders. We are delighted to do business with another quality property developer because we endeavor to give our customers the widest and most satisfactory choices when it comes to financing their home.”
"The Bank has three unique offerings for home finance each designed to suit a specific requirement. The SmartHome Home Finance scheme is ideal for those who prefer fixed rate financing. HomeLease is perfect for customers opting for floating rate finance, while HomeInvest caters to those who wish to unlock the value of their property through refinancing." added Aqil.
With a magnitude of over more than four million square meters, Falconcity hosts replicas of the Seven Wonders of the World, commercial centers, theme park, family centers, sports facilities, and educational institutes. In addition, there are more than four thousand residential units built in the city itself.
"At Falconcity, we are committed to partner with reputed organisations to deliver on the quality commitment we have made to our clients. The agreement with Emirates Islamic Bank is emblematic of this commitment and comes immediately after the partnership we entered with Hyder Consulting for infrastructure development of the project,” concluded Almoosa.
© 2006 Al Bawaba (www.albawaba.com)
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