Cloisall secures Dh112m financing for key projects

Dubai: Cloisall, a UAE-based interior fitting and contracting company, has secured Dh112-million financing from First Gulf Bank (FGB) for two Abu Dhabi contracts; the bridge for Yas Island's Ferrari World theme park and Al Zeina, Al Raha's high-end gateway.

"We are very proud that our history of excellent high quality work, dedication to client service and unbeatable expertise has given us a place in the market so strong and credible that we could secure such high financing in these tumultuous times," said Majid Farha, Cloisall President and CEO.

"Today we have strong orders on the book and have seen a substantial double figure growth this year. Our target is to reach Dh1 billion in orders by the end of the year and we are certain we will achieve it," Farha said.

Cloisall was established in 1963 by the current Chairman, Ghassan Farha, to participate in the UAE's plans to create a world hub for modern architecture.

In the intervening decades, the company has successfully worked on many distinguished projects in both the government and private sectors including the expansion of the Dubai International Airport, Jebel Ali International Airport City, Mashreq Bank, Dubai Mall, Delma Mall (Abu Dhabi's biggest mall) and the UAE University in Al Ain.

"Cloisall's track record of success with some of the UAE's most high profile, architecturally distinct and internationally renowned projects left us very confident in investing in them. We are excited to be part of these distinguished projects and to be contributing to the development of a company that is showing so much promise and growth" Shahid Ameen Shaikh, Senior Vice-President of First Gulf Bank.

"We are very excited about the Al Zeina and Ferrari World projects. It is an honour to be contributing to the remarkable innovative architecture of Abu Dhabi," said Fadi Bouchaaya, Cloisall projects director.