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Dubai Islamic Bank signs Dh824m loan deal

Dubai Islamic Bank (DIB) has arranged Islamic financing of Dh824 million for Al Hamad Group to fund a portion of the Remraam project coming up in Dubailand.

  • Staff Report
  • Published: 00:07 July 9, 2008
  • Gulf News

Dubai: Dubai Islamic Bank (DIB) has arranged Islamic financing of Dh824 million for Al Hamad Group to fund a portion of the Remraam project coming up in Dubailand.

The total value of the contract for Al Hamad Group is Dh3.37 billion and consists of 108 residential buildings, including facilities such as shopping malls, health clubs and mosques.

"Dubai Islamic Bank plans to expand its business in the vital sector of Islamic financing for both regional and local contractors. Our relationship with Al Hamad Group has developed extremely well, and their performance on awarded projects has been quite satisfactory," said Ayman Kamal, chief of investments and real estate for DIB.

Ongoing operations

He said DIB continues to finance major construction projects in Dubai and other places in the region.

Al Hamad Group chairman Nashaat Sahawneh said the bank has supported his company in various projects worth over Dh9 billion.

"A majority of those projects have already been completed, while the others are progressing as per schedule. These projects are coming up in the UAE, Bahrain and Jordan," he said.

Located in Dubailand, Remraam will be a master-planned community.

The facility will offer a mix of residential units and a range of community facilities, including parks, a dedicated shopping mall as well as entertainment outlet.

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