DIB sole underwriter of credit facilities on an AED 3.59 Billion contract

The Joint Venture, consisting of Al Habtoor Engineering, Murray & Roberts and Takenaka has been awarded the AED 3.59 billion project covering completion of finishes, mechanical, electrical and plumping works for Terminal 3, Concourse 2 and Car park. The project, which is being developed by the Department of Civil Aviation (DCA), was awarded in mid December 2004 and will take 28 months to complete.

Saad Abdul Razak, Deputy Chief Executive Officer - DIB, said: "Credit facility structures that are completely Shariah compliant have been developed with the necessary flexibility to provide our contracting clients with what they need. The bank began to pursue the contracting finance business last year to support an important and growing sector in the UAE and region.

This landmark project adds to a number of large projects DIB has been engaged in during the past year. We are very proud to be associated with such a landmark project and prestigious contractors. DIB aims to become the leading player in the contracting finance business in the UAE and the region."

Ayman Adel Kamal - Senior Vice President - DIB, said: "Al Habtoor Engineering is a leading local contracting group established more than 30 years ago and enjoys excellent reputation. Murray & Roberts are one of the largest and most experienced South African construction groups that have been in the Gulf for a number of years, while Takenaka is a global engineering group based in Japan. The joint venture partners have wide experience in building large airports and are highly reputed.

"DIB has been selective in the contracting finance business. We have deals flow with well managed contractors and on projects with reputed and reliable developer." He added.