ADIB agrees AED 1.45 billion financing deal with Al Habtoor Engineering Enterprises |
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Mr Tirad Mahmood, Chief Executive Officer.
ADIBs finance facility will support Zayed UniversityZayed University
's campus development in Abu Dhabi Capital expenditure of project is circa AED 3 billion Abu Dhabi, 13th January 2009: Abu Dhabi Islamic Bank (ADIB)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 EngineeringAl Habtoor Engineering Enterprises Company LLC and Murray & Roberts Contractors (Abu Dhabi) LLC, to support the development and expansion of Zayed UniversityZayed University's campus in Abu Dhabi. The agreement was signed today at ADIBADIB
'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: "ADIBADIB
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 ADIBADIB
'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.
-Ends-
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank (ADIB)Abu Dhabi Islamic Bank (ADIB)
was established on 20th May 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIBADIB commenced its operations with a paid-up capital of AED 1 Billion, where the founding shareholders include Members of the Ruling Family, The Abu Dhabi Investment Authority and Prominent UAE. ADIBADIB
's mission is to become the premier universal Islamic financial institution, operating in accordance with Shari'a principles, by focusing on customer needs, offering innovative products and services, motivating their employees, while maximizing investors and shareholders' returns. ADIBADIB aims to develop a corporate culture that revolves around satisfying customers' needs and to provide them with quality, cost-effective and Shari'a compliant financial services. ADIBADIB
prides itself on its values which reflect the Bank's commitment to the Islamic Shari'a, and are thus the guidelines of the Bank's practices to adhere to the principles of Islam. ADIBADIB's value structure consists of Transparency, Quality, Innovation, Professionalism, Social Responsibility and Empowering Its Staff.www.adib.ae
About the Al Habtoor Leighton Group
The Al Habtoor Leighton Group was established in September 2007 following the merger of Al Habtoor EngineeringAl Habtoor Engineering
, one of the region's leading construction contractors , with the Arabian Gulf operations of Leighton International. The new entity immediately became the UAE's largest construction group, with revenue of over AED 6 billion in 2007. The Group comprises four key operating divisions: Al Habtoor EngineeringAl Habtoor Engineering Dubai; Al Habtoor EngineeringAl Habtoor Engineering Abu Dhabi; Al Habtoor EngineeringAl Habtoor Engineering Qatar; and Gulf Leighton. Leighton International owns a 45% stake in the Group.Leighton International is part of the Leighton Group, Australia's largest project development and contracting group with annual revenues exceeding US$10 billion.
For further information on:
Al Habtoor Engineering, please visit: www.habtoorengg.ae
Leighton International, please visit: www.leightonint.com
Leighton Group, please visit: www.leighton.com.au
© Press Release 2009
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