Tamweel and Bonyan ink deal to buy Dh1.93 billion of land, Adel Al Shirawi announced yesterday.

DUBAI — Tamweel PJSC announced yesterday that it has signed an agreement to form a coalition with Bonyan International, a leading real estate developer, for the purchase of Dh1.93 billion of land in the Al Jadaf area of Dubai.

This acquisition, of a total 135 plots, is the largest in the history of the Dubai Land Department and will significantly increase the land bank under management by Tamweel. The landmark deal was also signed by Sama Dubai, the international real estate investment and development arm of Dubai Holding.

Al Jadaf is located in close proximity to the Business Bay and Garhoud bridges, the rapidly developing Festival City area and just minutes from Dubai International Airport. Al Jadaf is one of the few remaining urban areas of the emirate that has not yet been developed, and promises to be extremely attractive to both investors and end users.

Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "Today's announcement is an extremely significant one for Tamweel on several fronts. First, we have greatly expanded our current land bank and have done so in the very heart of Dubai. Second, we will be able to similarly expand our innovative, Sharia-compliant offerings to our clients, including investors, businesspeople and homeowners. Third, we have forged a strategic alliance with Bonyan International, one of the leading real estate investors and developers here, in addition to Sama Dubai, one of the leading UAE master developers. For those reasons, this is very positive news for Tamweel, Bonyan International, Sama Dubai and all our stakeholders