Karachi: HBL and Dubai Islamic Bank Pakistan Limited (DIBPL) have teamed up as required chief advisers and organizers for Eighteen (Elite Estates Pvt. Limited), a luxury residential house located in the twin cities of Islamabad and Rawalpindi.
The initiative is one of the largest union financial projects in the real estate sector with funding of Rs 7.5 billion by a banking consortium in Pakistan. HBL and DIBPL also serve as agents and investment agents respectively. Other members of the consortium include Bank Alfalah, Bank of Punjab, Habib Metro Bank, Industrial and Commercial Bank of China and Soneri Bank.
The agreements were signed by senior members of the consortium including HBL Corporate Head North Uzair Naveed Rabbani, Eighteen Chief Financial Officer (CFO) Aymen Ismail and DIBPL Chief Executive Officer (CEO) Junaid Ahmed. HBL president and CEO Muhammad Aurangzeb also attended the ceremony.
This four-year partnership will facilitate the development of Eighteen, an exclusive joint real estate project by Egypt-based Golden Developers, Saif Group and Kohistan Builders & Developers (KBD) of Pakistan. Located just 10 minutes from the New Islamabad International Airport, the large project occupies a focal place in the twin cities. With the goal of linking sophistication with comfort, Eighteen turns your dream of a luxurious lifestyle into a reality.
Eighteen CEO Tarek Hamdy said, “We thank the participating banks, especially the main organizers HBL and Dubai Islamic Bank, for successfully structuring and closing this important transaction. We believe it will open new financial avenues for real estate developers and help attract more We also thank the Government of Pakistan and the State Bank of Pakistan for helping to create a favorable environment that has really helped real estate like Eighteen to access the local banking market for their financial needs. We remain committed to delivering high quality. life, first of its kind in Pakistan. “
Commenting on the partnership, HBL president and CEO Muhammad Aurangzeb said, “The real estate industry in Pakistan has a lot of potentials and has seen significant growth in recent years. HBL is committed to developing the country’s real estate sector by advising government regulators and policymakers and helping to unite a structured framework to increase the development of this industry. According to the bank’s strategy to increase its footprint in the financial space for developers, HBL as the chief advisor and organizer of Eighteen will help facilitate the channeling of local and international investment in Pakistan. “
DIBPL CEO Junaid Ahmed said, “We are enjoying a strong relationship with Eighteen, which dates back to 2018 when we only arranged a union project financing facility for the first phase of the project. With this transaction, we have further extended our trust. and commitment to the project. Our parent, Dubai Islamic Bank PJSC has played a pivotal role in the UAE’s real estate development. In Pakistan, we are playing our part in helping to unlock the true potential of real estate which is also in line with the vision of the current government. ”
Watch this space for more information on that. Stay tuned to Feeta Blog for the latest updates about Pakistan Real Estate.
