ADIB Offers Dh200m Islamic Finance Facility for ICT to Fund Realty Project

ABU DHABI — Abu Dhabi Islamic Bank, or ADIB, has arranged over Dh200 million in Islamic finance facility for International Capital Trading, or ICT, to finance one of its real estate projects.

ICT is a private investment company based in Abu Dhabi. Its business activities include owning, developing and managing real estate as well as investing in a wide range of asset classes — from equities to direct investments and real estate.

The agreement was signed in Abu Dhabi by Hamad Abdulla Al Shamsi, Chief Executive Officer of ICT, and Nuhad Saliba, General Manager- Wholesale & International at ADIB, in the presence of senior executives from both parties.

Nuhad Saliba said that the financing facility to ICT is in line with the bank’s vision to support development projects in the UAE. “ICT is a leader in the Abu Dhabi property sector and is well known for real estate investment and development projects in the UAE,” Saliba said.

The ADIB general manager said that the Islamic bank has shown growth in financing such big-ticket investments and has played a central role in project finance in the UAE. “We remain liquid and well capitalised, and our capacity for project finance is excellent. We will continue to play a leading role in bringing back business confidence and in supporting economic growth,” the banker added.

The chief executive officer of International Capital Trading Hamad Abdulla Al Shamsi welcomed ADIB’s decision to provide innovative and customised financing structures to his company. “We are committed to playing an integral part in the social and economic development of Abu Dhabi,” he said.

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