Emirates Islamic collaborates with GJ Properties on a Dubai construction venture
Emirates Islamic Bank and GJ Properties have joined forces for a significant project in Dubai's premium real estate market. The partnership is centred around The Biltmore Residences - Al Sufouh, a luxury development inspired by the iconic Biltmore Hotel in Los Angeles.
According to Ali Ghaleb Jaber, CEO of GJ Properties, this collaboration is an important step in the company's expansion into Dubai's high-end real estate segment. Jaber praised Emirates Islamic for being more than just a financial institution, acting as a trusted strategic partner in GJ Properties' growth and development.
The Biltmore Residences Al Sufouh is a 44-storey tower with 448 units, ranging from one- and two-bedroom apartments to a penthouse. The project offers panoramic views of the Arabian Gulf and Burj Al Arab. Currently, the development is over 70% complete and is expected to be handed over by early 2026.
Emirates Islamic has demonstrated its responsiveness and commitment to excellence in its projects across the UAE. The bank's deputy CEO, Mohammad Kamran Wajid, stated that the partnership with GJ Properties reflects Emirates Islamic's proactive role in supporting the UAE's property sector.
Under the partnership, Emirates Islamic will oversee transparent escrow management, ensuring funds are released in line with construction milestones. The bank will also provide secure and transparent escrow account services and project financing for The Biltmore Residences.
The luxury real estate market in Dubai is surging. July 2025 saw more than 20,300 property sales worth Dh65 billion, up nearly 30% year-on-year. 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.
Sales of homes priced above $10 million reached $2.6 billion in the second quarter. Prime villa values in Dubai have almost doubled over the past four years, further indicating the robustness of the luxury real estate market in the city.
Issac John, Managing Editor at Khaleej Times, brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India. This partnership between Emirates Islamic and GJ Properties is a testament to the vibrant and dynamic nature of Dubai's luxury real estate market.
