The contracts were signed in Dubai between His Excellency Dr. Mohammed Khalfan Bin Kharbash, UAE Minister of State for Financial and Industrial Affairs and Chairman of Dubai Islamic Bank's Board of Directors, Hussain Sultan, ENOC Group Chief Executive & Board Member and Tayyeb Al Mulla, Chief Executive, ENOC International Refining and Marketing.
The first contract was a US $50 million (AED 182.5 million), one-year Islamic agency (Wakala) for ENOC Supply & Trading LLC, providing the wholly-owned Government of Dubai company with a facility to meet its trading working capital requirements.
The second contract, valued at US $20.5 million (AED 75 million) and valid for 12 years, was signed with ENOC Real Estate LLC, which owns and operates three landmark buildings in Dubai.
Under the terms of the Musharaka financing structure, Dubai Islamic Bank has agreed to provide funds to ENOC Real Estate LLC against three ENOC buildings.
"The Musharaka contract provides ENOC with long-term finance for these three prestigious buildings," said Hussain Sultan.
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ENOC Group signs two major contracts with Dubai Islamic Bank
- United Arab Emirates: Thursday, October 18 - 2001 at 12:38
- PRESS RELEASE
The Emirates National Oil Company (ENOC) Group of companies today signed two major contracts with Dubai Islamic Bank, which give the highly diverse group trading working capital and long-term real estate finance.
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For further information: Barbara Saunders, MCS - Marketing Communications Services, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 3452126; fax: +9714 3460926
Posted by Anne-Birte Stensgaard, News EditorThursday, October 18 - 2001 at 12:38 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Sep 24 2003.
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