Abu Dhabi Islamic Bank (ADIB) has signed a Dh1.45 billion ($394 million) financing agreement with a Al Habtoor Engineering Enterprises Company JV to support the development and expansion of Zayed University's campus in Abu Dhabi.

One of the region's leading Islamic banks, ADIB, signed the deal to fund the joint venture between Al Habtoor Engineering Enterprises Company and Murray & Roberts Contractors (Abu Dhabi), on Wednesday at the bank's headquarters in Al Bateen.

Tirad Mahmood, Adib chief executive officer, inked the deal with Riad Sadik, chairman of Al Habtoor Leighton Group and joint venture representative.

Sadik said, 'ADIB had proved a natural choice of partner for our joint venture. Both the bank's experience in structuring Islamic financing deals and the level of service they provided to us helped to make a complicated process easier.'

Mahmood, describing it as a sizable agreement, said, 'We're delighted that our participation will support the ongoing improvements to our national educational facilities.'

'Education is a key area of ADIB's corporate responsibility focus and so this deal allows us to blend an investment opportunity with a direct wider benefit to the local community,' he added.

The development, which is being overseen by Mubadala, is expected to be completed by the end of 2011 and has a capital expenditure of Dh3 billion. Cansult Maunsell will provide the engineering and design services to the project.-TradeArabia News Service