Abu Dhabi, 3rd January 2011: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has acted as Mandated Lead Arranger for the US$32 million structured Ijara facility to fund the acquisition of up to 6 Offshore Supply Vessels (OSVs) for Waha Offshore Marine Services (WOMS), the marine chartering and operations arm of Waha Maritime. The financing represents an important milestone for Waha Maritime in its expansion in the Offshore Supply Vessel (OSV) sector. Waha Maritime is a subsidiary of Waha Capital, one of the Middle East's leading diversified investment holding companies.

The facility will allow Waha Maritime to strategically expand in its business sector. One of the unique features of this deal is ADIB's ability to structure a Shari'a compliant junior finance with limited recourse through a unique Shari'a compliant Ijara structure with a combination of base profit rate and equity upside. This provides a facility tailored to meet Waha Maritime's business requirements and growth aspirations.

Commenting on the agreement, Nuhad Saliba, Global Head of Wholesale banking said, "Our partnership with Waha Maritime builds on our expertise and vision to expand the strategic UAE Oil & Gas sector . Waha Capital is a major investment conglomerate focused on strategic sectors of the UAE economy namely aviation, maritime, real estate and financial services. Waha's expansion in the offshore supply vessels' industry bodes well for the growth and development of the UAE economy."

Salem Al Noaimi, CEO, Waha Capital, said: "This financing deal will further support Waha Capital's growth aspirations in the oil and gas services industry. Over the last three years, Waha Maritime has built a significant offshore supply vessel (OSV) operations catering to the oil and gas industry in the Gulf, Middle East, Caspian, and South East Asia and this new facility will further facilitate the expansion of our business.  We are very pleased to partner with ADIB, whose innovative structuring and execution expertise has facilitated the special financing needs of Waha Maritime."

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About Waha Maritime
A world class maritime investment company with over US$450 million in assets, Waha Maritime has blazed new trails in the region's maritime landscape through strategic acquisitions and joint ventures that have added significant new value to the industry. Waha Maritime invests in mainstream shipping and oil field services businesses that can both stimulate new industry growth and bring substantial returns to its shareholders. The company works constantly to unlock new opportunity through improved operations and fresh acquisitions. By skillfully synergising mutual resources, it has helped its portfolio companies achieve new levels of efficiency, productivity and profitability.

Waha Maritime has a range of exciting investments in ships and maritime assets in the regional oiloffshore support services sector. The company's first investment was completed in July 2008 whenit acquired a 49% stake in the GMMOS Group, a major industrial holding company operating in the marine, oil and gas and crane-hire sectors across the Gulf and Caspian markets. Over the last three years, it has built a world-class offshore supply vessel (OSV) service catering to the oil and gas industry in the Gulf, Middle East, Caspian, and South Asia. Today, it controls close to 60 vessels deployed worldwide in addition to a shipyard with a $160 million order-book. After gaining profile as one of the most dynamic new companies in the GCC's maritime sector, Waha Maritime is now exploring new investment horizons in the region and beyond.

About Waha Capital
Waha Capital is a leading Abu Dhabi Securities Exchange-listed and Abu Dhabi-based diversified investment holding company. Waha Capital's strategy is to drive multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. Its current business portfolio includes big-ticket leasing, financial services, maritime, oil and gas, and real estate development. Waha Capital's main institutional shareholder is Mubadala Development Company.

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.

ADIB - Awards

  • ADIB was named 'The Best Islamic Bank' in the Middle East at the Banker Middle East Industry Awards 2010, reaffirming its leadership position in the growing Islamic finance sector.

  • ADIB also won the HRD award from the Emirates Institute Of Banking & Financial Studies.

  • ADIB's GHINA saving program won the Best Savings Account award at the Banker Middle East Product Awards 2010.

  • ADIB won the 'Best Private Sector Customer Service Team' award at the 2010 UAE Customer Service Week forum, held by The International Customer Service Institute UK.

  • ADIB won the  'Most Improved Bank' in service excellence and got the top rank in 'Call Centre Performance' in the 6th Annual Bank Benchmarking Index for service excellence by Ethos Consultancy.

  • ADIB won the best Islamic bank at the  2010 Islamic Banking and Finance Awards organized by CPI Financial.

  • ADIB also won the award for Best Branding category at the  2010 Islamic Banking and Finance Awards organized by CPI Financial.

 For further information, please contact:
Amira Abdulla
Director of Corporate Communications
Waha Capital
Tel: +971 2 4039 378
E-mail: Amira.abdulla@wahacapital.ae 

© Press Release 2011