DUBAI, United Arab Emirates--(BUSINESS WIRE)--The leading property developer Al Fajer Properties (AFP) has successfully secured construction financing from Commercial Bank of Dubai (CBD) for its projects in Jumeira Lake Towers Community (JLT).

The President of AFP Sheikh Maktoum Hasher Al Maktoum said: "We are proud to have CBD as our partners as well as other strong banks in the region. The UAE's banking sector has weathered the international financial crisis and now stands on solid ground, and our Government has injected Dh120 billion into long-term bank deposits to address the liquidity shortage. Since the liquidity situation in the banking sector has improved the funding is now available for companies that have demonstrated their strength throughout the last year.”

He added that “since the start of 2009 AFP has been restructuring its banking arrangements with leading banks in the region which are proving mutually beneficial for both partners.” He thanked CBD for their continued support and trust.

“Companies are not judged by the situations or conditions they may face, but they are defined by how they react to them," he said.

Mr. Peter Baltussen, CEO of CBD noted that “the bank has had a long standing relationship with AFP and its shareholders and has financed AFP on the strength of their solid balance sheet and excellent business model. We are impressed by the progress made by the new management through restructuring and compliance. We are looking forward to a continued long term business relation with this dynamic business house.”

AFP added “Our Phase II project has been going full steam ahead to achieve a 24-hour cycle as soon as possible which includes Ebony and Ivory Towers while Phase I is nearing completion. We are re-gearing our operation for the handover of Phase I and the experience that we have gained from our Phase I project will ensure a quicker delivery time on our Phase II project.”

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Notes to Editors

Al Fajer Properties (AFP)

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

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