Habib Bank Limited (HBL) and Dubai Islamic Bank Pakistan Limited (DIBPL) have recently collaborated to act as lead advisors and arrangers for the luxury housing development called Eighteen (Elite Estates Pvt. Limited).
With funding equal to Rs7.5 billion, this project is one of the largest finance projects in the real estate sector where HBL is the acting agent and DIBL being the investment agent. Other banks who are part of the project include Bank Alfalah, Habib Metro Bank, Bank of Punjab, Industrial along with the Commercial Bank of China, and Soneri Bank.
There were several senior members who were present at the signing ceremony including HBL President and CEO – Muhammad Aurangzeb, HBL Corporate Head North – Uzair Naveed Rabbani, DIBPL Chief Executive Officer (CEO) – Junaid Ahmed, and Eighteen Chief Financial Officer (CFO) – Aymen Ismail.
The partnership will enable the establishment of Project Eighteen located at a focal point in the twin cities. The real-estate venture is a joint partnership between Ora Developers, Saif Group, and Kohistan Builders & Developers (KBD) of Pakistan.
HBL President and CEO Muhammad Aurangzeb spoke regarding the partnership,
“The real estate industry in Pakistan has a lot of potential and has seen significant growth over the recent years. HBL is committed to developing the real estate sector of the country by advising the government regulators and policy makers and assisting in bringing together a structured framework to augment the development of this industry. In line with the bank’s strategy to increase its footprint in the developer financing space, HBL as the lead advisor and arranger for Eighteen will help facilitate channeling of both local and international investments in Pakistan.”
Tarek Hamdy – CEO Eighteen also spoke regarding the partnership saying that the company was grateful to be part of this partnership and they believe that it could enable new avenues for funding for the real estate sector and attract foreign investments,
He also added,
“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.”
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