ADIB provides over AED200 mln finance to ICT

ABU DHABI - Abu Dhabi Islamic Bank (ADIB) announced today that it has arranged over AED200 million Islamic finance facility for International Capital Trading (ICT) to finance one of its real estate projects.

By (WAM)

Published: Sun 13 Dec 2009, 6:29 PM

Last updated: Thu 2 Apr 2015, 3:47 AM

The agreement was signed at ICT head office in Abu Dhabi by Hamad öAbdulla 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, General Manager Wholesale & International at ADIB, commented on the agreement: “Our cooperation with ICT is in line with our 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. We are pleased to support their financing needs, as well as other private sector companies.”

“ADIB has shown remarkable growth in financing such big-ticket investments and has played a central role in project finance in the UAE. We remain liquid and well capitalized, 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,” Nuhad added.

Hamad Abdulla Al-Shamsi commented: “We welcome the efforts of ADIB to provide innovative and customized financing structures to meet our requirements. We are committed to playing an integral part in the social and economic development of Abu Dhabi. I would like to congratulate the ADIB team in making this deal a reality.”

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, ranging from equities to direct investments and real estate.

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