Staff Reporter Karachi
HBL and Dubai Islamic Bank Pakistan Limited (DIBPL) joined hands as mandated Lead Advisors and Arrangers for Eighteen (Elite Estates Pvt. Limited), a luxury housing development located in the twin cities of Islamabad and Rawalpindi.
The initiative is one of the largest syndicated finance projects in the real estate sector with a funding of Rs. 7.5 billion by a banking consortium in Pakistan. HBL and DIBPL are also acting as Agent and Investment Agent 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 Uzair Naveed Rabbani, Corporate Head North – HBL, Aymen Ismail, CFO – Eighteen and Junaid Ahmed, CEO – DIBPL. Muhammad Aurangzeb, President & CEO – HBL was also present at the ceremony.
This four-year partnership will facilitate in the development of Eighteen, an exclusive joint real estate venture of Egypt-based Ora Developers, Saif Group and Kohistan Builders & Developers (KBD) of Pakistan.
Located just 10 minutes from the New Islamabad International Airport, the grand project occupies a focal place in the twin cities.
With an aim to connect sophistication with convenience, Eighteen turns your dream of a lavish lifestyle into reality.
Tarek Hamdy, CEO – Eighteen said, “We are grateful to the participating banks, especially the lead arrangers HBL and Dubai Islamic Bank, for successfully structuring and closing this landmark transaction.
We believe that it will open new avenues of funding for real estate developers and help in attracting more foreign investment in this sector.
We are also grateful to the Government of Pakistan and the State Bank of Pakistan for helping create a conducive environment that has really helped the real estate developers like Eighteen to access the local banking market for their funding needs. We remain committed to delivering high class premium living, first of its kind in Pakistan.”
Commenting on the partnership, Muhammad Aurangzeb, President & CEO – HBL said, “The real estate industry in Pakistan has a lot of potential and has seen significant growth over the recent years.
