DIB Signs Dh790m Financing Deal with Kuwaiti Firm

DUBAI — Dubai Islamic Bank, or DIB, announced on Monday a financing deal worth Dh790 million for Kharafi National, a Kuwait-based construction group with operations across the Middle East and Africa.

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By (Staff Report)

Published: Tue 30 Mar 2010, 11:02 PM

Last updated: Mon 6 Apr 2015, 5:05 PM

Under the agreement, DIB will cover the financing requirements for Kharafi National’s sub-contract with a JGC–Tecnimont joint venture to construct the Habshan 5 Process Plant for Gasco in Abu Dhabi, the banks said in a statement.

The project, with a value of $728m, aims to increase Abu Dhabi’s offshore gas production capacity by 1 billion cubic feet per day, the company said in a release.

“We are pleased to announce our deal with Kharafi National,” said Ayman Adel Kamal, Chief of Real Estate and Contracting Finance at DIB.

Kharafi National is one of the leading electromechanical contractors in the Gulf and Middle East

· issacjohn@khaleejtimes.com

(Staff Report)

Published: Tue 30 Mar 2010, 11:02 PM

Last updated: Mon 6 Apr 2015, 5:05 PM

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