Emirates Islamic and GJ Properties join forces for a development project in Dubai
In a significant move for Dubai's real estate market, Emirates Islamic and GJ Properties have joined forces to finance and manage the escrow accounts for The Biltmore Residences - Al Sufouh, a 44-storey luxury development in the heart of the city. The realtor project, currently over 70% complete, offers panoramic views of the Arabian Gulf and Burj Al Arab, blending luxury living with promising returns. With 448 units ranging from one- and two-bedroom apartments to a penthouse, it's set to add a new dimension to Dubai's skyline. The development is expected to be handed over by early 2026. Mohammad Kamran Wajid, deputy CEO of Emirates Islamic, expressed pride in the bank's role in supporting the UAE's property sector through this partnership. Ali Ghaleb Jaber, CEO of GJ Properties, praised Emirates Islamic for their role as a trusted strategic partner in the company's growth and development. Analysts forecast the UAE's luxury residential real estate market will hit $45 billion this year, with Dubai accounting for nearly two-thirds of that total. Dubai's luxury real estate market continues to surge, with over 20,300 property sales worth Dh65 billion in July 2025, up nearly 30% year-on-year. Sales of homes priced above $10 million reached $2.6 billion in the second quarter of 2025. Isaac John, Managing Editor at Khaleej Times, a seasoned business writer and economic analyst with over 45 years of experience in top-tier newspapers across the UAE, brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India. He noted that the partnership aims to support Dubai's real estate sector with innovative financial solutions and secure, regulated systems. Emirates Islamic will oversee transparent escrow management for The Biltmore Residences, ensuring funds are released according to construction milestones. This collaboration is considered an important step in GJ Properties' expansion into Dubai's premium real estate segment. Prime villa values in Dubai have almost doubled over the past four years, making The Biltmore Residences - Al Sufouh an attractive investment opportunity for both locals and foreigners. The partnership is not related to UAE's commitment to reducing carbon emissions, military strikes in Yemen, the Emmy-winning actor Owen Cooper, the short-term rental boom in Dubai, or the UAE President's official visit to Azerbaijan. The Biltmore Residences Al Sufouh is more than just a luxury development; it's a testament to the vibrant and dynamic nature of Dubai's real estate market. As the city continues to grow and evolve, partnerships like this one between Emirates Islamic and GJ Properties will play a crucial role in shaping its future.
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