Dubai: Dubai Islamic Bank (DIB) announced on Saturday that it has signed a Dh577 million facility agreement with Dodsal Engineering & Construction to finance the replacement of the NGL Pipeline Network Project awarded by Abu Dhabi Gas Industries Limited's (Gasco) to Dodsal.
Ayman Kamal, executive vice-president, DIB, said: "This agreement comes in line with DIB's vision to support a wide range of economic sectors with reputable contractors. The gas processing sector is considered a vital field for the national economy, and we are proud to be part of this significant project."
The total value of Gasco's project is $151 million. "The bank has successfully developed and structured innovative financing deals that meet the requirements of major corporations and government bodies in the UAE and worldwide. Dodsal has been a valued customer of DIB and our relationship with Dodsal extends over various local as well as regional project financing," said Kamal
Rajen Arvind Kilachand, chairman, Dodsal, said: "We are extremely pleased to announce the signing of this major financing agreement with Dubai Islamic Bank, which will enable Dodsal to continue to support the economic development of the UAE and, in particular, the energy sector. Our longstanding partnership with DIB is greatly valued by all of us at Dodsal, and we look forward to continuing to work with them."