Dubai Islamic Bank, Metito sign Dh240m Islamic finance deal

Dubai Islamic Bank and Metito, a water management solutions company, have signed a 10-year Islamic financing agreement for Dh240 million.

Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: "Clearly the region, and in particular, the UAE, is witnessing renewed economic momentum with infrastructure development attracting local and international investors. In our view, primary infrastructure development projects are the cornerstone of sustainable growth, a key element of the strategy of the country."

Synergy Consulting, Latham and Watkins, and Morgan, Lewis and Bockius have all played a role in making this transaction possible and finalised in a record time.

The value of assets belonging to Islamic finance is forecast to increase by 80 per cent to reach $3.24 trillion by 2020, according to the Dubai Islamic Economy Development Centre and Thomson Reuters State of Global Islamic Economy reports, and landmark deals such as this one are critical in supporting the leadership’s agenda of establishing Dubai as the global capital of Islamic economy.

 

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