VOL. XLVII

No 20

17-May-2004

REGIONAL BANKING

Mashreqbank To Provide Financing For Part Of Jumeirah Beach Development

Mashreqbank announced on 8 May that it had won a contract to provide financing to Arabtec Construction, which is building packages one and three of the Jumeirah Beach Residence (JBR). This part of the project is valued at Dh1.6bn ($436mn), although Mashreqbank has not revealed how much of this it will fund. However, sources at the bank told MEES that it would bear the full risk of...