ABGC DMCC, a joint venture between Abu Dhabi-listed Al Seer Marine and  global energy and commodities trader BGN, has successful closed a Sharia compliant syndicated transaction facility for 865 million dirhams ($235 million).  

This is the second tranche of a larger syndication amounting to $370 million, which will be used to finance the construction of three state-of-the-art Very Large Gas Carriers (VLGCs) in South Korea and Japan,  Abu Dhabi Islamic Bank (ADIB), the lead arranger of the transaction said in a statement on Wednesday.

The deal was supported by Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), and the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and the private sector arm of Islamic Development Bank (IsDB) Group.

(Writing by Brinda Darasha; editing by Seban Scaria)