Dubai Islamic Bank and Al Hamad Group sign US$235 million Islamic financing agreement

UAE. Dubai Islamic Bank (DIB) announced today that it has arranged Islamic financing totaling AED 824 million (US$235 million) for Al Hamad Group to finance a portion of the Remraam project coming up in Dubailand.

The total value of the contract for Al Hamad Group is AED 3.37 billion (US$963 million) and it consists of 108 residential buildings, including facilities such as shopping malls, health clubs, and mosques. Dubailand is being developed by Mizin, a member of Tatweer.

Ayman Kamal, Chief of Investments and Real Estate for DIB, said: “Dubai Islamic Bank plans to expand its business in the vital sector of Islamic financing for both regional and local reputed contractors. Our relationship with Al Hamad Group has developed extremely well, and their performance on awarded projects has been quite satisfactory.

“DIB continues to finance landmark construction projects both here in Dubai and across the wider region. Al Hamad Group is one of our elite clients, and our relationship with them extends across a range of significant projects,” he added.

Nashaat Sahawneh, Chairman of Al Hamad Group, said: “Our relationship with DIB began four years ago and has grown significantly since then. The bank has supported us in different projects worth over AED 9 billion. A majority of those projects have already been completed, while the others are progressing as per schedule. These projects are coming up in the UAE, Bahrain and Jordan. We are very pleased to further strengthen our partnership with DIB and appreciate the vital support the bank continues to extend to the Al Hamad Group.”

Located in Dubailand, adjacent to Bawadi Boulevard and Arabian Ranches, Remraam will be a green and vibrant master-planned community. offering a mix of residential units and wide range of community facilities, including parks, a dedicated shopping mall as well as entertainments.