Is the Tawarruq contract, through which a cash amount is obtained from Boubyan Bank to finance a real estate project, compatible with the provisions of Islamic Sharia?

Tawarruq is the purchase of a commodity for a deferred price, then selling it for a cash price to someone other than its original seller. Scholars differed regarding its permissibility, and the majority permit it on condition that the purchase is genuine, and the commodity enters into the possession and liability of the buyer. As for what you mentioned, that the bank did not object to giving you the amount plus the profits in cash, this is explicit and forbidden usury (riba), and not among the permissible forms of tawarruq.