Financing agreement for Jumeirah Beach Residence project signed

DUBAI - Mashreqbank PSC and Arabtec Construction LLC have signed largest-ever UAE facilities for financing a construction project valued at Dh1.6 billion for the prestigious Jumeirah Beach Residence (JBR) development. The facilities will finance main contractor for the construction of Package 1 consisting of six residential towers and Package 3 for a further seven residential towers, all offering affordable apartments ranging from studios to penthouses on a freehold basis.

By A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 9 May 2004, 9:25 AM

Last updated: Thu 2 Apr 2015, 12:25 PM

Abdul Aziz Al Ghurair, CEO, Mashreqbank said: "JBR development was a testament to the vibrancy of Dubai's economy. Dubai has the fastest growth of any comparable city in the world and the JBR development underlines the confidence developers as well as banks have in the real estate sector. Rather than a glut, each new development sparks further interest in investing in Dubai's future."

Ghurair said: "When completed Dh5.2 billion JBR development will boast 36 residential towers and four hotel towers on an area stretching 1.7 kilometres, overlooking the Gulf on one side and the Dubai Marina on the other."

Riad Kamal, Chairman of Arabtec Construction (LLC), said: "Mashreqbank has a remarkable understanding of the complexities of the construction industry based on years of experience in the market. We are delighted with flexible financial package they have structured for us to meet our commitment of completing the project successfully on time."

The 22 million square feet JBR development is among the last beachfront properties available within Dubai's current city limits. Strategically located near rapidly expanding free zones, golf courses and other recreational facilities, it will appeal to both the commercial and holiday sector. It is designed to become a self-contained, vibrant community offering amenities such as a retail arena, cafŽs and restaurants and an unmatched beach resort lifestyle.

More news from