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Thu 31 Mar 2016 02:57 PM

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Dubai's DIB inks $187m deal to build residential project

Dubai Islamic Bank awards construction contract for Badr Project which will be built in five phases

Dubai's DIB inks $187m deal to build residential project

Dubai Islamic Bank (DIB) has announced that it has awarded a AED687 million ($187 million) contract to Engineering Contracting Company to build a new residential community in the emirate.

The Badr Project phase 1 is part of a self-contained residential community that will feature five distinct zones with apartment buildings as well as a number of villas and other community buildings and recreational facilities, the bank said in a statement.

The Badr project will have a Mediterranean theme, inspired by elements of Andalusian, Spanish and Italian architecture, it added.

The master development will have a total built-up area of 13.8 million sq ft and will be developed across five phases with the first phase expected to be completed by 2018.

Phase 1 is located centrally within the overall project adjacent to a central park with mixed-use and retail facilities.

Abdulla Al Hamli, managing director at DIB, said: "We are confident that given its location, quality of project, attractive price points, it will be high on the priority list of investors."

Dr Adnan Chilwan, Group CEO, DIB, added: "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."

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