Dubai: The Abu Dhabi mixed-use development, Jubail Island, will receive a Dh500 million funding from ADIB. These will be used for the construction of the residential masterplan at the project, which will see 453 villas and 133 townhouses built as Phase 1 works.
This is the first Sharia-based leasing (Ijarah) agreement for Jubail Island. Completion of this phase should be ready by end 2023. Jubail Island will be home to 10,000 residents within the next four years.
The Jubail Island development will be a collection of communities between Yas Island and Saadiyat Island.
According to Nasser Al Awadhi, Group CEO of ADIB, “This facility demonstrates ADIB’s growing ability to finance large-scale projects which play a major role in the economic development of the UAE. It also evidences the results we are achieving through stepping up our corporate financing activity, with a particular focus on high-growth companies in the UAE. We expect this part of our business to continue to grow significantly.”
Jubail Island offers 13 types of villa formats with various designs. According to the developer, 95 per cent of the residential units are sold. “The contract signing reinforces JIIC’s commitment in developing a landmark destination in the heart of the capital and is a clear indicator of the stability of the Abu Dhabi real estate market,” said Hamad Rashid Al Nuaimi, Chairman of JIIC, which is building the ‘island’.