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 Rs7.5 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 HBL Corporate Head North Uzair Naveed Rabbani, Eighteen Chief Financial Officer (CFO) Aymen Ismail and DIBPL Chief Executive Officer (CEO) Junaid Ahmed. HBL President and CEO Muhammad Aurangzeb 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.
Eighteen CEO 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. We remain committed to delivering high class premium living, first of its kind in Pakistan.”
Commenting on the partnership, HBL President and CEO Muhammad Aurangzeb, said, “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.”
DIBPL CEO Junaid Ahmed said, “We enjoy a strong relationship with Eighteen which dates back to 2018 when we had solely arranged a syndicated project finance facility for the first phase of the project. With this transaction, we have further extended our trust and commitment to the project. Our parent, Dubai Islamic Bank PJSC has played a pivotal role in the real estate development of UAE. In Pakistan, we are playing our part in helping unlock the true potential of real estate development which is also in line with the vision of the current government.”
Eighteen Islamabad is undoubtedly a unique housing project which will upgrade the standard of the twin cities Islamabad and Rawalpindi. Its success will encourage more foreign investors to invest in different sectors in Pakistan. The project will also boost tourism in the country as its splendid golf course and lakes will attract tourists.