DIB and Al-Habtour Engineering sign credit facility agreement for the largest phase of JBR Project

Valued at approximately AED 1billion, this is the largest phase of the project the cost for which is estimated to reach AED 5.2 billion.

Mr. Riad Al-Sadek, Managing Director of Al-Habtour Engineering stated that the fourth phase of the project includes the construction of eight Residential Towers, some of them rising to 54 stories.

Mr. Sadek added: "Cooperating with DIB on this large project was based on the in-depth experience of the bank's officials and their good understanding of the banking requirements in this sector. Al-Habtour is looking forward to cooperating with DIB on future projects and ventures".

Mr. Ayman Adel Kamal, Senior Vice President, said: "DIB is proud to be associated with Al-Habtour engineering especially on a project of this magnitude and for a reputed developer such as Dubai Technology and Media Free Zone Authority. We have the experience and strength to offer credit facilities to such large scale projects."

DIB has implemented a new strategy to expand its financing services to contractors in order to attract the required expertise to meet customers' needs in this sector. The bank has been successful in developing banking products that comply with the Islamic Sharia to meet this vital sector's requirements. Such products have been widely accepted by a number of local and international contracting companies.

Real estate development in the UAE has been witnessing remarkable growth which is expected to be sustained for some years to come.