THE Dubai Islamic Bank (DIB) has signed a facility agreement with Dodsal Engineering & Construction to finance the $151-million replacement of the NGL pipeline network project awarded by Abu Dhabi Gas Industries Ltd (Gasco) to Dodsal. Commenting on this decision, Ayman Kamal, executive vice-president of DIB, said: “This agreement [is] in line with DIB’s vision to support a wide range of economic sectors with reputable contractors. The gas processing sector is considered a vital field for the national economy, and we are proud to be part of this significant project.
"The bank has successfully developed and structured innovative financing deals that meet the requirements of major corporations and government bodies in the UAE and worldwide," he continued. "Dodsal has been a valued customer of DIB and our relationship with Dodsal extends over various local as well as regional project financing."
Rajen Arvind Kilachand, chairman of Dodsal, continued: "We are extremely pleased to announce the signing of this major financing agreement with DIB, which will enable Dodsal to continue to support the economic development of the UAE and, in particular, the energy sector. Our longstanding partnership with DIB is greatly valued by all of us at Dodsal, and we look forward to continuing to work with it in the future."
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