Emirates Islamic has entered into a strategic partnership with GJ Properties to provide project financing and escrow account services for The Biltmore Residences – Al Sufouh, a luxury development inspired by the iconic Biltmore Hotel in Los Angeles.
The agreement underscores the bank’s commitment to supporting Dubai’s thriving real estate sector through innovative financial solutions and secure, regulated systems that enhance investor confidence. Under the partnership, Emirates Islamic will oversee transparent escrow management, ensuring funds are released in line with construction milestones and reinforcing trust among international and elite buyers.
Ali Ghaleb Jaber, CEO of GJ Properties, said the collaboration marks an important step in the company’s expansion into Dubai’s premium real estate segment. “Emirates Islamic has been more than a financial institution, they have been a trusted strategic partner in our journey of growth and development. Their responsiveness and commitment to excellence have played an instrumental role in the success of our projects across the UAE,” he said.
Mohammad Kamran Wajid, deputy CEO of Emirates Islamic, said the partnership reflects the bank’s proactive role in supporting the UAE’s property sector. “We are proud to provide secure and transparent escrow account services and project financing for the upcoming Biltmore Residence. This will help enhance investor confidence and promote efficiency across diverse projects and transactions,” he said.
The Biltmore Residences Al Sufouh is a 44-storey tower featuring 448 units, ranging from one- and two-bedroom apartments to a penthouse. Offering panoramic views of the Arabian Gulf and Burj Al Arab, the project blends luxury living with promising returns. Currently over 70 per cent complete, the development is expected to be handed over by early 2026.
The tie-up comes as Dubai’s luxury real estate market continues to surge. July 2025 alone saw more than 20,300 property sales worth Dh65 billion, up nearly 30 per cent year-on-year. Sales of homes priced above $10 million reached $2.6 billion in the second quarter, while prime villa values have almost doubled over the past four years. 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.
