DIB, Al Hamad Group sign Dh735 million agreement

DUBAI — Dubai Islamic Bank (DIB) announced yesterday that it has arranged credit facilities totalling Dh735 million for the Al Hamad Group, for their new Dh2.38 billion project at Dubai Industrial City.

By A Staff Reporter

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Published: Mon 30 Apr 2007, 8:50 AM

Last updated: Sat 4 Apr 2015, 9:19 PM

Dubai Industrial City, an initiative of Dubai Holding, is one of the government's main developments to support the growth of the industrial servicing sector in Dubai and across the UAE. Dubai Industrial City will provide the adequate infrastructure, services and logistical facilities for all industries. The total value of Dubai Industrial City is Dh6 billion.

Earlier this year, DIB arranged credit facilities for the Dh1.1 billion Jumeirah International Staff Accommodation project, which is being developed by Dubai Properties, another initiative of Dubai Holding. The project comprises the development of 21 residential buildings in the Al Qouz area of Dubai.

Nashaat Sahawneh, Chairman of Al Hamad Group, said: "We are very pleased to grow in partnership with DIB and with the vital support they continue to extend to the Al Hamad Group." "The bank has supported us in eight projects worth over Dh6 billion. Three of those projects have already been completed, while the others are progressing ahead of schedule."

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