| 29 Mar 2010 |
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DIB signs AED 790 million financing deal with Kuwaiti company Kharafi National in Abu Dhabi
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Emphasises DIBDIB
's leadership position in supporting major strategic projects in energy sectorDubai, March 29, 2010: Dubai Islamic BankDubai Islamic Bank
(DIBDIB) announced today that it has successfully arranged a multi-purpose financing deal of AED 790 million for Kharafi NationalKharafi National, a Kuwait-based leading construction group in the Middle East and Africa.Under the agreement, DIBDIB will cover the banking requirements for Kharafi NationalKharafi National's sub-contract with JGC - Tecnimont Joint Venture to construct the Habshan 5 Process Plant, an integrated gas development project for Gasco, in Abu Dhabi. The project, with a value of US$ 728 million (equivalent to around AED2, 7Billion), aims to increase Abu Dhabi's offshore gas production capacity by 1 billion cubic feet per day.
"We are pleased to announce our deal with Kharafi NationalKharafi National," said Ayman Adel Kamal, Chief of Real Estate & Contracting Finance at DIBDIB. "DIBDIB's arrangement of this landmark deal further emphasises its leadership position in supporting major strategic projects within the oil and gas industry in a Sharia-compliant manner. We are confident of Kharafi NationalKharafi National's capabilities to execute this significant project based on our satisfactory experience with them on similar projects in the past."
Kharafi NationalKharafi National
is one of the leading electromechanical contractors in the Gulf and Middle East, and has strong track record of executing large projects in the UAE. The group is one of the biggest Kuwaiti conglomerates with diversified activities in water, wastewater treatment and reclamation, district cooling, solid waste management and enhanced oil recovery. It is also a leading contractor and facilities management service provider to the petroleum, chemicals, power, water and commercial sectors in the Middle East and Africa.-Ends-
About Dubai Islamic BankDubai Islamic Bank
: Dubai Islamic BankDubai Islamic Bank
(DIBDIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIBDIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 63 branches in the UAE. DIBDIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIBDIB Pakistan Limited, a wholly owned subsidiary which has a network of 37 branches across 15 major cities in Pakistan. DIBDIB also has a representative office in Turkey to enhance its access to that market. DIBDIB has also received a preliminary banking licence by the Central Bank of Jordan to operate as an Islamic financial institution through a new entity - Jordan Dubai Islamic BankDubai Islamic Bank.
DIBDIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 and 24 accolades in 2009, across diversified areas, including retail, corporate and investment banking. The bank was recently named "Best Islamic Bank" for the fourth consecutive year by Banker Middle East magazine. DIBDIB has also received many awards from international organisations, such as the prestigious "Bank of the Year" award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.
For further information, please contact:
Nicholas Nesson / Gunjan Chaurasia / Tasneem Rashid
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / g.chaurasia@asdaa.com / t.rashid@asdaa.com
© Press Release 2010
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