As part of its plan to become the premier universal Islamic financial institution, operating in accordance with Shari’a principles, and due to the boom in the real estate sector, ADIB has launched a new real estate company “Burooj Real Estate” owned entirely by ADIB with a paid up capital of Dh 500 million making it the first real state company of ADIB. As part of its investment plans, “Borouge Real Estate” is planning to participate in the development of a variety of real estate projects within the UAE and international markets.
ADIB designated Mr. Mohamed Seif Al Suwaidi as a chairman of “Borouge Real Estate” and an elected member from the bank. Mr. Adel Ahmad Abdel Karim Al Zarouini is appointed as the general Manager of the company.
“Our core objectives are to invest in diversified real estate projects within the UAE and the region that includes commercial, residential and industrial properties. The company is negotiating with different parties to participate in the development of different projects in Abu Dhabi and UAE which will be announced shortly.” Said Mr. Mohamed Seif Al Suwaidi chairman of Borouge Real Estate. By launching this company Abu Dhabi Islamic Bank aims to play a major role in supporting infrastructure and real estate development by providing finance solutions that meet the challenges in the industry especially with the growth the country’s economy is currently witnessing.
