Venture Capital Bank awards D51 Island architecture and development to dxb-lab

Published July 28th, 2008 - 02:00 GMT

Venture Capital Bank awards D51 Island architecture and development to dxb-lab
Venture Capital Bank has granted the architecture and development of D51 Island in The World project by Nakheel to dxb-lab Architecture. Nakheel has approved the preliminary designs.

Mr. Khalid Abdul-Karim, Chief Investment Officer of Real Estate at Venture Capital Bank commented “Among many architect offices, we found the dxb-lab team to have a unique combination of (i) the creativity required to develop a distinguished design concept, and (ii) the local expertise required to manage the development of this size.  We have been working closely with the dxb-lab team in order to develop a design theme that distinguishes D51 Island as a boutique luxury resort among other developments in the region.  We are pleased with the progress made to-date. We have obtained Nakheel’s initial approval on our design concept and are now in the process of completing detailed designs”.

“Island D51 may well become the boutique resort in Nakheel’s World Development”, notes Khalid Al Najjar, Partner and Founder of dxb-lab Architecture, “We are known for our avant-garde concepts and a striking design approach; and this project in particular provides us with a novel and exciting architectural context. The architecture envisioned will have a modern, simple and sleek look. It is almost like discovering a new world”

On his side Mr. Shahab Lutfi, partner dxb-lab, commented, “We are proud to have such a challenging and exciting project at hand. D51 is truly set to be the ultimate luxury destination upon completion, and the feedback we have received thus far has been overwhelming. We have submitted our preliminary designs and have already received initial approval from Nakheel. This shows the talent, creativity and dedication of our team.”
D51 Island is located in the northern part of The World, known more commonly as Russia. The island will have unlimited views of the sea and to the east it will have a view of the skyline of Dubai. 100 villas are planned and classified in different categories such as 3 and 4 bedroom Sunset Beach villas, 2 bedroom Canal View villas, one bedroom Lagoon villas, Lagoon Suits,  4 Super Yacht units.
Each unit is uniquely situated on the island. The Lagoon villas and Sunset Beach villas are right on the beach with stunning vistas. Canal View units and Super Yacht villas have their own exclusive yacht dock. And finally, the Lagoon Suits will have 180 degree elevated view of the island facing sunrise and sunset. The island will enjoy two beaches one facing east and the other west. The marina will be spacious enough to fit 25 yachts. The Island will also offer a luxurious spa, two exclusive restaurants, a sunset lounge and a 125 meters swimming pool.

About Venture Capital Bank:
Venture Capital Bank is a Bahrain-based Islamic investment bank established in October 2005 with a full investment banking license from the Central Bank of Bahrain. Venture Capital Bank is capitalized at USD 165 million with an authorized capital of USD 500 million. Venture Capital Bank has a strong shareholder base comprising of some of the largest institutions, family groups and high net worth individuals from the GCC countries. Venture Capital Bank has an experienced team of professionals with extensive experience in venture capital and business development, private equity, real estate and financial advisory in the U.S., Europe, Australasia and the Middle East.  MENA Small & Medium Enterprises Fund I L.P. is co-managed by Venture Capital Bank and Global Emerging Markets Inc.  For further information please visit www.vc-bank.com  


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