Released on: July 4, 2008, 12:25 am

Press Release Author: Paul Greaves

Industry: Real Estate

Press Release Summary: Dubai property developer Nakheel and Dubai Islamic Bank (DIB)
have established a 2 billion-dirham ($544.6 million) joint property venture with the
new firm, Tashyed, set to begin two new projects in Dubai on land purchased from
Nakheel.


Press Release Body: Lancashire, UK, July 04, 2008 -- Dubai property developer
Nakheel and Dubai Islamic Bank (DIB) have established a 2 billion-dirham ($544.6
million) joint property venture in Dubai.

The new firm, Tashyed, is set to begin two new projects in Dubai on land purchased
from Nakheel, one, a residential project in Dubai\'s International City and the
other, a lake-front development in Jumeirah Heights.

Nakheel, a subsidiary of government-owned conglomerate Dubai World, will provide
development management and sales and marketing services, while Dubai Islamic Bank
will supply banking and mortgage services.

Chris O\'Donnell, Nakheel\'s chief executive said: \"The signing of the agreement is a
further example of our policy to partner with the best. DIB, with its history as the
world\'s first fully-fledged Islamic bank, is the ideal joint venture partner for
Nakheel in the financial services sector.\"

Zuber Mohsan, CEO for Sandcastles property in Dubai said: \"The partnership between
these two big names in Dubai property and financial services is significant and we
are looking forward to seeing the plans for these two new developments in Dubai.\"

\"I\'m certain this new company, Tashyed, will produce something very special given
Nakheel\'s reputation as the leading property developer in Dubai\" added Mohsan.

Over the last few years Nakheel has developed a portfolio of iconic and innovative
landmark property projects in Dubai including the Palm Jumeirah, Palm Jebel Ali,
Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village,
Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall,
Al Furjan, International City and Dragon Mart.

About Sandcastles Dubai Property

Sandcastles-property.com is the leading property website in the United Arab
Emirates; featuring Dubai property for sale, Dubai property for rent and UAE
property from many other emirates
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Web Site: http://www.sandcastles-property.com

Contact Details: Contact:
Paul Greaves
Dubai Property Manager
Sandcastles Dubai Property
Simonstone Business Park
Burnley, Lancashire
01282 775678
support@e-gain.co.uk
http://www.sandcastles-property.com