Business | Banking
Abu Dhabi Islamic, Finance House raise Dh127.8 million for labour camp
Abu Dhabi Islamic Bank PJSC and Finance House PJSC helped Sawaeed Investment LLC and Mountain Gate Property Investment LLC raise Dh127.8 million ($35 million) to build a residential camp for workers.
Abu Dhabi: Abu Dhabi Islamic Bank PJSC and Finance House PJSC helped Sawaeed Investment LLC and Mountain Gate Property Investment LLC raise Dh127.8 million ($35 million) to build a residential camp for workers.
The 8 1/2 year project financing uses a combination of Islamic and conventional debt and equity transactions, Finance House said in a statement posted on Dubai-based business website Ame Info on Saturday, without being more specific.
The borrowers' camp at Mafraq in the United Arab Emirates is expected to provide homes for about 7,000 workers when completed in March 2009, the statement said.
Share this article
Popular in Business

-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Louvre, Golden Tulip hotel chains to expand in region
Dubai could host first establishment in 2010
-
Lending slows down in eurozone
Central Bank will this week announce revisions to liquidity-boosting measures
-
Global outcry over Dubai World restructuring is exaggerated
About 75 per cent of the $20b bond has already been subscribed


