KARACHI: Habib Bank Limited and Dubai Islamic Bank Pakistan Limited (DIBPL) have joined hands as mandated Lead Advisors and Arrangers for Eighteen, 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, said a statement on Thursday.
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 and CEO – HBL was also present at the ceremony.
CEO – Eighteen Tarek Hamdy 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.”