Realty Capital Middle East has obtained a  Dh340-million ($92.68m) Sharia financing facility from Union National Bank (UNB).

The facility will be used for the construction of its 37-storey ‘i-Rise’ Office Tower located in Tecom site C, Dubai, the company said in statement.

"We are pleased to have UNB as the financing bank for this landmark project. We have been working closely with UNB for several months to structure a financing facility that complies with Shari’a principles and ensures that  end users are well protected through the use of an Escrow account structure”, said Realty Capital Middle East Chief Executive Officer Marwan Mansour.

“As one of the leading banks in the UAE, we are proud to work with a prominent developer such as Realty Capital and finance projects that assist the country’s development into an iconic destination of the 21st century. In the Islamic Banking Department, we are keen to provide leading and innovative products that enrich this prosperous industry. Moreover, the Islamic banking transaction effectively contributes to the local and international banking system. Both the UAE and GCC have witnessed a remarkable growth in this field during the recent five years,” said UNB’s Senior Vice-President and Head of Islamic Banking Department Irshad Shirazi.

The tie-up with UNB comes only weeks after Realty Capital announced that it has awarded an Dh555 million contract to Al Naboodah Contracting, a well known UAE based contracting firm. Al Naboodah has recently commenced construction following the completion of enabling works.

Upon completion by December 2009, i-Rise Office Tower will offer office modules starting from 700 square feet, providing investors a free zone location and freehold title in a highly visible location.

i-Rise Office Tower is uniquely designed to incorporate both corporate and executive offices, 18 high-speed elevators, restaurants, coffee shops, retail space, a fitness centre, a helipad and an extensive multi-storey car park. The identifiable wave-like profile of the tower reflects the advanced infrastructure and technology-focused vision of the development.

Realty Capital Middle East is a strategic partnership between Rasmala Investments, a regional investment bank head quartered in Dubai International Financial Center with subsidiaries in Riyadh, Cairo, Muscat and London; and Khayyat Investments a prominent company with wide range of activities in the UAE and the region. – TradeArabia News Service