Finance package signed for Dubai Logistics City

DIB teams up with Kharafi Group for Dubai World Central contract finance package.

Dubai Islamic Bank and Kuwait based Kharafi Group have signed a banking credit facility agreement for US $204 million (AED 750 million) to finance the $398 million contract for the construction of Dubai Logistics City (DLC) headquarters and office park as part of the massive Dubai World Central (DWC).

DWC, the $33 billion aviation and logistics project being developed in Jebel Ali, covers 140 million m2 square and is being developed by Government of Dubai's Department of Civil Aviation.

"Dubai Islamic Bank has been able to make a significant contribution to the contracting sector and has successfully positioned itself as a leading financial institution in the contracting finance business," said Ayman Kamal, executive vice-president, Real Estate Finance, Dubai Islamic Bank.

"Dubai Islamic Bank develops financial solutions that are compliant with Islamic Shariah and support contractors to turn the most ambitious projects into reality."

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