Dubai Islamic Bank signs $215m financing deal

06 April 2010

Deal signed with Kuwait’s Kharafi National

Dubai Islamic Bank (DIB) has successfully arranged a multi-purpose financing deal of AED790m ($215m) for the Kuwaiti construction group Kharafi National.

Under the agreement, DIB will cover the banking requirements for Kharafi National’s sub-contract with Japan’s JGC Corporation and its Italian joint venture partner Tecnimont on the construction of the Habshan 5 Process Plant , an integrated gas development project for Abu Dhabi Gas Industries Company (Gasco) in Abu Dhabi.

The project, with a value of around AED2.7bn, targets an increase in Abu Dhabi’s offshore gas production capacity of about 1 billion cubic feet per day.

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