Posted by Bob Brunskill
Kharafi National, a Kuwait-based construction group in the Middle East and Africa, has secured funds to build the Habshan 5 Process Plant in Abu Dhabi – a project that aims to increase the emirate's offshore gas production capacity by 1 billion cubic feet per day.
Dubai Islamic Bank (DIB) confirmed it had successfully arranged a multi-purpose financing deal of AED 790 million with Kharafi National for the Abu Dhabi plant, which is an integrated gas development project for Gasco.
Ayman Adel Kamal, chief of real estate and contracting finance at DIB, said: "DIB's arrangement of this landmark deal further emphasises its leadership position in supporting major strategic projects within the oil and gas industry in a Sharia-compliant manner."
He added that the bank was confident in Kharafi's ability to complete the project, having worked with the firm in the past.
Kharafi National is one of the leading electromechanical contractors in the Gulf and Middle East, and has strong track record of executing large projects in the UAE.