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UAE: ADIB signs Dh500m financing facility for Jubail Island residential project

The community development will be home to 10,000 residents within the next four years



JIIC
JIIC

Published: Mon 25 Apr 2022, 3:20 PM

Last updated: Mon 25 Apr 2022, 3:25 PM

Abu Dhabi Islamic Bank (ADIB) on Monday announced the signing of Dh500 million Islamic financing deal for the development and construction of the residential masterplan on Jubail Island.

The funding will cover the infrastructure works and construction of up to 453 villas and 133 townhouses as part of the Phase 1 development of Jubail Island which is scheduled for completion at the end of 2023. The Dh500 million agreement marks the first Sharia based leasing “Ijarah” agreement for Jubail Island.

With coastal views, mangrove forests, and a central location, the community development will be home to 10,000 residents within the next four years.

Nasser Al Awadhi, Group CEO of Adib, said: “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.

Hamad Rashid Al Nuaimi, Chairman of JIIC, said: “We are delighted to have secured financing for the first phase of development for Jubail Island and would like to thank Adib for their continued support. The contract signing reinforces JIIC’s commitment in developing a landmark destination and a premier community in the heart of the capital and is a clear indicator of the stability of the Abu Dhabi real estate market.

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“Having already sold 95 per cent of the residential units to date, we are pleased with the high demand and interest from buyers and investors and look forward to continuing our partnership with ADIB as we maintain our promise in bringing a landmark destination to the capital.”

waheedabbas@khaleejtimes.com


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