Bahrain-based First Islamic Investment Bank (FIIB) said on Sunday it will form a joint venture with Dubai Sports City to build a $500 million residential development.
It said HSBC would fully underwrite the financing for the project, called Victory Heights, to be set up in the newly established Dubai Sports City in the United Arab Emirates.
"Developed around an 18-hole championship golf course to be designed by top-ranked golfer Ernie Els...Victory Heights will complement Dubai Sports City's wide array of stadiums, training academies and other sporting facilities," FIIB said in a statement.
The statement quoted Atif Abdulmalik, FIIB's chief executive officer, as saying the development would seek to tap a demand for "lifestyle-oriented communities."
The bank said the development would have health and fitness centres, swimming facilities and tennis complexes. It would be offered to potential buyers prior the end of 2004.
Comments
Comments are closed.