Mada’in Properties is a UAE based Real Estate Development company located in the heart of Dubai, and was founded late 2006.
Established as a private joint-stock company by prominent individuals, Sharia Compliant banks, investment banks, public joint stock companies, government organisations and semi government organisations.
Mada’in’s journey begin in 2007, with the establishment of the company, wherein on incorporation of the company, the promoters had already raised and deposited the paid-up capital of AED 500 Million. These funds were deployed into procurement of strategic plots around Dubai for development.
The financial crisis in 2008, resulted in Mada’in having to face a multitude of obstacles including significant reduction in asset values that had bought in Mada’in profit, customers defaulting on their commitment, and banks rescinding on the finance facility that were previously approved.
At the time, the board of directors and management of Mada’in reassessed the organisation and reorganised priorities that resulted in:
- Consolidation of the Portfolio
- Capital reduction
- Asset revaluation
- Cleaning up the balance sheet
The board of directors and management initially secured a phased finance facility foe the Marina Arcade Project that was supposed to have been constructed with a joint venture partner. However, in 2012, the joint venture did not see light and Mada’in decided to develop the Marina Arcade Residential Tower on its own through renegotiation of the debt secured with Emirates Islamic Bank. New designs were developed and in 2013 Marina Arcade project was tendered and the contract was awarded in the last quarter of the same year.
Mada’in aims to redefine the landscape of the Real Estate industry by introducing different unique developments that surpass all expectations in terms of design, quality and detail. The diverse real estate concepts adopted by Mada’in represent the latest breakthroughs in contemporary living and offer superior product value. This includes a passion for customization, personalisation and timely delivery.
The company’s phase 1 Tower Marina Arcade is completed and promises to deliver nothing but class, elegance and sophistication. Besides this, Mada’in has been planning to build its second tower in the same area of Dubai Marina, and has plans for other developments in different plots around Dubai. Its business strategy is underlined by a passion for cutting edge design, quality, customization, personalisation, timely delivery and excellent sales and after sales standards.