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Abu Dhabi: Abu Dhabi Islamic Bank PJSC and Finance House PJSC helped Sawaeed Investment LLC and Mountain Gate Property Investment LLC raise Dh127.8 million ($35 million) to build a residential camp for workers.
The 8 1/2 year project financing uses a combination of Islamic and conventional debt and equity transactions, Finance House said in a statement posted on Dubai-based business website Ame Info on Saturday, without being more specific.
The borrowers' camp at Mafraq in the United Arab Emirates is expected to provide homes for about 7,000 workers when completed in March 2009, the statement said.
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