DUBAI, 12 July 2004 — Bahrain’s First Islamic Investment Bank and Dubai Sports City announced yesterday a joint venture to build a $500-million themed golf residential community project in the emirate.
British-based banking giant HSBC will fully underwrite the financing facility, while the United States’ East West Partners will develop the community, a statement said.
Victory Heights will be built on 2.3 million square meters (25 million square feet) of land in Dubai Sports City, a nearly $2 billion development boasting a host of global brand names.
Sports City is one of 45 major schemes in the $5 billion “Dubailand” theme park project, described as the Middle East’s own version of Disneyland.
“Developed around an 18-hole championship golf course to be designed by top ranked golfer Ernie Els in association with Nicklaus Design, Victory Heights will complement Dubai Sports City’s wide array of stadiums, training academies and other sporting facilities,” the statement said.
“The development of the first privately funded residential community in Dubai underscores First Islamic’s commitment to creating unique investment opportunities,” said the bank’s chief executive officer Atif Abdulmalik.
“Ever-increasing demand for lifestyle-oriented communities, coupled with the strong performance of Dubai’s real estate market, makes this a compelling transaction,” he added.
The launch of Victory Heights’ residential offering to potential home buyers is expected prior to the end of 2004, the statement said.
Dubai Sports City (DSC) will cover 4.6 million square meters (50 million square feet) of desert and include a 25,000-seat multi-purpose stadium, a 25,000-seat cricket stadium, a 10,000-seat hockey stadium and a 8,000-seat multi-purpose venue, all due for completion within four years.
South African superstar Ernie Els has put his signature to a championship golf course with an academy under Butch Harmon, the world’s leading coach, and Troon Golf. Manchester United are to open their first soccer school outside Europe, and Britain’s ex-Davis Cup skipper David Lloyd will run a tennis academy.
As well as millions of square meters of residential villas, the city will also have every sports facility conceivable, according to its developers.
Affluent Dubai currently boasts six million visitors a year for a population of 1.2 million, but is targeting 10 million by 2007 and 40 million by 2015.
Dubailand, one of a series of huge schemes under way, will be built on a 185 million square meter (two billion square foot) swathe of desert off the main road linking Dubai with Sharjah and Abu Dhabi, the capital of the seven-member United Arab Emirates federation of which Dubai is also part.
