Abu Dhabi Islamic Bank (ADIB), one of the region’s leading Islamic banks, has confirmed a AED1.45 billion financing agreement for a joint venture between contractors Al Habtoor Engineering Enterprises Company LLC and Murray & Roberts Contractors (Abu Dhabi) LLC, to support the development and expansion of Zayed University's campus in Abu Dhabi.
The agreement was signed today at ADIB's headquarters in Al Bateen, Abu Dhabi. Representing the bank was Mr Tirad Mahmood, Chief Executive Officer, who signed the deal alongside Mr Riad Sadik, Chairman of Al Habtoor Leighton Group and joint venture representative.
Mr Riad Sadik, said: "ADIB proved a natural choice of partner for our joint venture. Both the bank's experience in structuring Islamic financing deals and the level of service they provided to us helped to make a complicated process easier."
Mr. Tirad Mahmood, Chief Executive Officer, commented: “This is a sizable agreement and we're delighted that our participation will support the ongoing improvements to our national educational facilities. Education is a key area of ADIB's corporate responsibility focus and so this deal allows us to blend an investment opportunity with a direct wider benefit to the local community."
The development, which is being overseen by Mubadala, is expected to be completed by the end of 2011 and has a capital expenditure of circa AED 3 billion. Cansult Maunsell is the appointed engineering and design services firm to the project.
© 2009 Mena Report (www.menareport.com)
