Dubai Islamic Bank (DIB) said it had arranged financing facilities totaling Dh407 million for the Al Hamad Group for their new Dh1.39 billion project at “Villamar at the Harbour,” Bahrain’s most advanced world-class waterfront residential complex.

“Villamar at the Harbour” was announced in July 2006 by Gulf Holding Company, a Kuwait-based company, and is located at the landmark Bahrain Financial Harbour.

Earlier this year, DIB arranged financing facilities for Dh735 million for the Al Hamad Group for their Dh2.38 billion project at Dubai Industrial City.

Ayman Kamal, executive vice-president, DIB, said:

“Dubai Islamic Bank plans to expand in this vital sector regionally and to work with reputable contractors.

“Our relationship with Al Hamad Group has developed well, and their performance on awarded projects has been quite satisfactory.”

Al Hamad Group chairman Nashaat Sahawneh said: “Our relationship with DIB began three years ago and has grown significantly during the interim.

“The bank has supported us in nine projects worth over Dh10 billion.

“Three of those projects have already been completed, while the others are progressing ahead of schedule. We are very pleased grow in partnership with DIB and with the vital support they continue to extend to the Al Hamad Group.” TradeArabia News Service