(Sukuk.net - Khaleej Times) Dubai Islamic Bank (DIB) has announced that it has arranged Islamic financing totaling Dh824 million for Al Hamad Group to finance a portion of the Remraam project coming up in Dubailand.

The total value of the contract for Al Hamad Group is Dh3.37 billion and consists of 108 residential buildings, including facilities such as shopping malls, health clubs, and mosques. Dubailand is being developed by M/s Mizin, a member of Tatweer.

Ayman Kamal, Chief of Investments and Real Estate for DIB, said: "Dubai Islamic Bank plans to expand its business in the vital sector of Islamic financing for both regional and local reputed contractors. Our relationship with Al Hamad Group has developed extremely well, and their performance on awarded projects has been quite satisfactory.

"DIB continues to finance landmark construction projects both here in Dubai and across the wider region. Al Hamad Group is one of our elite clients, and our relationship with them extends across a range of significant projects," he added.

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