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DUBAI — Dubai Islamic Bank and Kuwait based Kharafi Group, a privately-owned group with interests across 33 countries have signed a banking credit facility agreement for Dh750 million to finance the Dh1.465 billion contract for construction of Dubai Logistics City (DLC) headquarters and office park, a key component of Dubai World Central (DWC).
DWC, the $33 billion aviation and logistics project being developed in Jebel Ali, covers 140 square kilometres and is being developed by Government of Dubai, Department of Civil Aviation.
Ayman Kamal, Executive Vice-President, Real Estate Finance, DIB, said: "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. Dubai Islamic Bank developed financial solutions that are compliant with Islamic Shariah and support contractors to turn the most ambitious projects into reality.
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