Abu Dhabi Islamic Bank (ADIB) said it will provide Dh367 million ($100 million) finance facility to National Petroleum Construction Company (NPCC) to fund the construction of its new SEP 450 self elevating accommodation and crane barge.

NPCC is a public joint stock company owned by the General Holding Corporation (GHC) which holds a 70 per cent interest and the Consolidated Contractors Group, which holds the remaining 30 per cent.

The Istisna’a and forward Ijara agreement was signed at ADIB offices by Aqeel A. Madhi, chief executive officer of NPCC and Tirad Mahmoud, CEO of ADIB.

It is a significant milestone for NPCC as it is the first Islamic finance facility in the company's corporate history. ADIB acted as mandated lead arranger and structured the deal while Waha Capital advised NPCC, said a company statement.

“There are many firsts to this deal. Besides introducing NPCC to Islamic finance, it is also the first time that we are aiding the building of such a high profile barge that will significantly enhance the capabilities of our client,' said Mahmoud.

'It is core infrastructure development projects in the UAE such as this that we are so eager to be associated with. In fact, it makes us proud to be part of UAE’s development and to partner with NPCC,' he added.

Madhi launded the efforts of ADIB and its constructive cooperation in providing the financing facilities to build a new barge joining the company fleet as part of NPCC strategic plan for geographical expansion in the offshore industry.

“This is our first touch with Islamic finance. We are keen to explore this avenue further in future opportunities of this nature,” he remarked.

Since 1973, NPCC's dynamic growth, its past achievements and new facilities have transformed this National Company into a major international (EPC) contractor, capable of providing the Offshore and Onshore Oil & Gas industry with complete Engineering, Procurement and Construction.

“Supporting the interests of UAE national companies is one of our key mandates and we are aggressively pursuing such opportunities. ADIB is completely aligned with this vision to serve the people of the UAE and aiding in UAE’s high standard and quality life,” Mahmoud said.-TradeArabia News Service