DIB awards Badr Project Phase 1 contract to Engineering Contracting Company

Dubai Islamic Bank (DIB) has awarded an AED687 million contract to construct Badr Project Phase 1 to Engineering Contracting Company (ECC). Abdulla Al Hamli, Managing Director at DIB, and Hatem Kamal Farah, Chairman and CEO at ECC, held a signing ceremony on March 29 at DIB headquarters.

The Badr Project is a self-contained residential community built on DIB-owned land. It consists of five distinct zones with apartment buildings as well as a number of villas and other community buildings and recreational facilities. The project is situated at the intersection of two key traffic arteries, Sheikh Mohammed Bin Zayed Highway E311 and Al Khawaneej or Airport Road, giving it easy and quick access to most of Dubai and to routes of other UAE cities. Phase 1 is located centrally within the overall project, adjacent to a central park with mixed-use and retail facilities. 

The community will have a Mediterranean theme, inspired by elements of Andalusian, Spanish and Italian architecture that marries the urban environment experience with a focus on encouraging outdoor activities and healthy living through its well-connected facilities. The master development, Badr, with a total built-up area of 13.8 million sq ft will be developed across five phases and the first phase with a built-up area of 2.2 million sq ft is expected to be completed by 2018. 

Al Hamli said: “Following a thorough tender process to identify the right construction partner, we selected ECC LLC as the lead contractor to bring the Phase 1 of this project to completion. With regard to Badr, we are confident that given its location, quality of project, attractive price points, it will be high on the priority list of investors. ”

“At Dubai Islamic Bank, we are deeply committed to investing in the long-term development of Dubai’s infrastructure,” said Dr Adnan Chilwan, Group CEO, DIB. “This initiative is, yet again, an indication of our belief in the strong fundamentals of UAE’s economic landscape and its ongoing appeal to both local and international investors.”

“Moving forward, by leveraging our vast experience and knowledge, we will continue to support Dubai’s ambitions and aspirations in the lead-up to Expo 2020, building a climate that not only fuels global commercial interest but also attracts residents who want to make the emirate of Dubai and the UAE their permanent home,” he added.

Meethaq and Oman Property Development Company facilitate home finance for Ras Al Hamra home project

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Oman Property Development company have signed a memorandum of understanding (MoU) to facilitate attractive Meethaq home finance for the Al Hamra Classic Home project in Ras Al Hamra. 

The move underlines the upward swing in the residential segment of the real estate sector in Oman in light of the growth in population as well as the developing economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination. 

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, Meethaq, said: “Committed to sustainable social and economic development, Meethaq is happy to be associated with Al Hamra project to provide innovative home finance in line with shari’ah principles. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending a helping hand for easy access to shari’ah based home finance.”

Abbas bin Abdullah Al Ajmi, Chairman of Oman Property Development company, said: “Oman Property Development company is proud to join hands with Meethaq Islamic Banking in extending attractive home deals. The co-operation between the two institutions will benefit citizens to fulfill their dream homes in Al Hamra project comprising 15 residential units.” 

Meethaq offers a full suite of Islamic banking products and services, including savings accounts, current accounts, home finance, auto finance, credit cards, mobile banking and Internet banking. Meethaq has 17 branches across the Sultanate and plans to expand the network as well as launch new products and services to complement the Islamic banking experience. 

Islamic Development Bank approves grants for projects in Bangladesh, Jordan, Lebanon, UAE

The Board of Executive Directors of the Islamic Development Bank (IDB), which met at in conjunction with the 39th Annual Meeting of the Board of Governors of the IDB, have approved US$447.6 million towards financing new development projects in a number of their 57 member countries.

Source: IDB.

The major part of the financing, US$304 million, went to the energy sector, including US$220 million for a power grid extension project in Bangladesh. Other approved financing includes US$87.5 million for the improvement of wastewater management and sanitary services in Al Ghadir Drainage Basin, Lebanon; as well as an additional US$25 million for the second phase of Queen Alia Airport Expansion Project, Jordan, raising the IDB financing for the Queen Alia airport expansion to US$125 million.

The members of the board further approved of IDB's continued contribution to the International Center for Biosaline Agriculture (ICBA), Dubai, UAE, as the centre represents a successful example of mutual cooperation between the Bank and the UAE. ICBA has developed into a research centre with an international team of scientists and researchers working on innovative solutions to improve the status of poor farmers and to implement development programmes aimed at upgrading productivity in agricultural regions. 

ICBA was launched at the initiative of the IDB, in recognition of the important role by the Gulf states in line with supporting the Bank. The Bank cooperated with the UAE in management and operating of ICBA until April 2010, when the responsibility was transferred to UAE's Ministry of Environment and Water.