Abu Dhabi Islamic Bank (Adib), a top tier Islamic financial institution, is providing a Dh600 million ($163.3 million) financing facility to Manazel Real Estate to fund the Abu Dhabi-based company’s capital expenditure.

The financing agreement was signed at Manazel Real Estate’s head office by Mohamed M Al Qubaisi, chairman of Manazel Real Estate and Arif Usmani, global head of Wholesale Banking in Adib.

Adib is playing a leading role in private sector financing in the UAE, supporting the country’s economic diversification strategy and in particular supporting the development of Abu Dhabi’s infrastructure.

Manazel Real Estate, as a leading real estate developer, has recognised Adib’s continuous support to real estate developers in Abu Dhabi along with all other sectors and local businesses, which has significant contribution to the growth and development of Abu Dhabi. – TradeArabia News Service