According to Al-Khaleej newspaper, Emirates and Gulf financial and banking corporations are currently preparing to establish the Al-Madaen Real Estate Company with a Dh 1 billion capital.
The new company specializes in real estate investments in the UAE. Banking sources revealed that the Gulf Investment House, Dubai Islamic Bank and the Federal Government of Dubai are the major investors in the new enterprise.
Al-Madaen will mainly sell, buy and develop land and real estate assets. In addition, it will manage real estate assets. Moreover, Al-Madaen will set up investment funds based on the Islamic Sharia'ah.