(MENAFN - Khaleej Times) Abu Dhabi Islamic Bank, or (ADIB), a top-tier Islamic Finance institution, announced on Wednesday that it had signed an agreement to provide financing facilities for Dh500 million to Dubai Airport Freezone (Dafza).
The financing will be used to expand Dafza's key offices buildings, business centre and food court which are due to be completed in 2015.
The agreement was signed at Dafza's headquarters by Dr Mohammed Al Zarooni, director-general of Dafza and Tirad Al Mahmoud, CEO of ADIB.
Tirad Al Mahmoud said: "The Dubai Airport Freezone has made significant efforts in promoting Dubai and the UAE to the international business communities, we are pleased to provide them with customised Islamic financial solutions that will help them achieve their expansion objectives. This transaction reaffirms our commitment to the growth and development of the UAE and it confirms our world-class Corporate Finance and Investment Banking capabilities."
"We are delighted to finance our expansion projects in an Islamic way which is in line with our commitment to support His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, initiative to make Dubai the global capital of Islamic economy. The financial facility provided by ADIB would contribute to the implementation of a number of important projects that play an effective role in providing excellent service to our tenants," commented Dr Al Zarooni.