The Dubai Airport FreeZone Authority (Dafza) has signed a financial agreement with the Dubai Islamic Bank for financing the construction of the third phase of its expansion project valued at 70 million Emirati dirhams ($19 million).
The third phase of the expansion will add 24,226 square meters of built-up space to the zone, reflecting a 145 percent increase compared to the second phase, which comprised of a 16,747 square meter built-up area.
According to DIB’s Deputy General Manager, Hussien Salem Al Meza, the agreement with Dafza is the first of its kind between the two parties. The pact entails the formation of an agency for construction and lease to own activities.
Established on 1975, DIB is considered the first Islamic bank in the world that has implemented the principles of Islam in all its practices. The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. It was founded with active assistance of the United Arab Emirates Government and the Central Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
