Abu Dhabi, 27th March 2013: Abu Dhabi Islamic Bank (ADIB), a top tier Islamic financial institution, is providing a AED 600 million financing facility to Manazel Real Estate to fund the Abu Dhabi-based company's financial obligations and capital expenditure.
The financing agreement was signed at Manazel Real Estate's head office by Mr. Mohamed M. Al Qubaisi, Chairman of Manazel Real Estate PJSC and Mr. Arif Usmani, Global Head of Wholesale Banking in ADIB.
Manazel Real Estate PJSC, as a leading real estate developer in Abu Dhabi, highly recognizes and appreciates ADIB's continuous support to real estate developers in Abu Dhabi along with all other sectors and local businesses, which has significant contribution to the growth and development of Abu Dhabi.
ADIB is playing a leading role in private sector financing in the UAE, supporting the country's economic diversification strategy and in particular supporting the development of Abu Dhabi's infrastructure. The bank has grown its UAE-based financing portfolio over the last couple of years and intends to accelerate this portfolio in the coming year by strengthening its relationships with corporate clients from all sectors.
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About ADIB:
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri 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.
ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.
The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.
ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It brings to its customers banking as it should be.
About Manazel Real Estate
Headquartered in Abu Dhabi, UAE, Manazel Real Estate is one of the nation's leading developers of quality homes for the country's middle income segment of the population. Through strategic investments spanning residential and commercial developments, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors.
© Press Release 2013
