Emirates Islamic has forged a strategic alliance with GJ Properties to offer project financing and escrow services for The Biltmore Residences – Al Sufouh, inspired by Los Angeles’ iconic Biltmore Hotel.
This partnership highlights the bank’s dedication to bolstering Dubai’s booming real estate market with innovative financial solutions and secure systems that boost investor confidence. Emirates Islamic will manage the transparent escrow process, ensuring funds align with construction milestones, thereby enhancing trust among elite and international buyers.
Ali Ghaleb Jaber, CEO of GJ Properties, emphasized that this collaboration is a significant milestone in the company’s foray into Dubai’s luxury real estate sector. “Emirates Islamic has been more than just a financial entity; they’ve been a valued strategic partner in our growth and success across the UAE,” he stated.
Mohammad Kamran Wajid, deputy CEO of Emirates Islamic, noted that the partnership showcases the bank’s active role in supporting the UAE’s property sector. “We are proud to offer secure and transparent escrow services and project financing for the Biltmore Residence, enhancing investor confidence and promoting efficiency across various projects,” he remarked.
The Biltmore Residences Al Sufouh, a 44-storey tower with 448 units including one- and two-bedroom apartments and a penthouse, offers stunning views of the Arabian Gulf and Burj Al Arab. The project, over 70% complete, is set to be delivered by early 2026.
This collaboration comes as Dubai’s luxury real estate market continues to soar. July 2025 recorded over 20,300 property sales worth Dh65 billion, a nearly 30% increase year-on-year. High-end home sales exceeding $10 million reached $2.6 billion in Q2, while prime villa values have almost doubled in four years. Experts predict that the UAE’s luxury residential market will reach $45 billion this year, with Dubai making up nearly two-thirds of that total.
