With coastal views, mangrove forests, and a central location, the Jubail Island community development will be home to 10,000 UAE citizens and residents within the next four years.
The Abu Dhabi Islamic Bank (ADIB), which is one of the UAE’s leading financial institutions, has signed a $136.12M Islamic financing deal for the development and construction of Jubail Island’s residential masterplan.
The funding will cover the infrastructure works and construction of up to 453 villas and 133 townhouses as part of the Phase 1 development of Jubail Island, which is scheduled for completion at the end of 2023.
The agreement marks the first Sharia-based leasing “Ijarah” agreement for Jubail Island and demonstrates ADIB’s ongoing commitment and ability to finance development projects.
The Group CEO of ADIB, Nasser Al Awadhi, said: “This facility demonstrates ADIB’s growing ability to finance large scale projects which play a major role in the economic development of the UAE. It also evidences the results we are achieving through stepping up our corporate financing activity, with a particular focus on high-growth companies in the UAE. We expect this part of our business to continue to grow significantly.”
